In reference to the announcement released on 29 April, 2013 regarding the first fishing season 2013. Copeinca successfully completed its first fishing season's quota.
Total capture was around 1,950,000 MT, which represents around 95 per cent of the total quota. The Company processed 15.2 per cent of the total Peruvian quota, of which 10.7 per cent came from own fleet and 4.8 per cent from third parties.
Copeinca produced 71,000 MT of fishmeal and 14,500 MT of fish oil. Fishmeal production had a 23.7 per cent yield while fish oil production had a 5.1per cent yield. The total production yield was 28.8 per cent.
China Fishery Group raised its stake in Peruvian fish feed maker Copeinca to 97.7 per cent through a voluntary takeover offer, the firm said on Thursday 1 August.
China Fishery pursued Oslo-listed Copeinca, currently worth USD 820 million, for months, and won the battle after Norway's Cermaq was forced to withdraw when minority shareholders revolted.
Fish meal prices 'remain low
Prices of fish meal dropped as low as $1,400 (€1,056) per metric ton, with the fish meal/soy bean meal ratio being now below 2.5 (10YR average 3.3), Kolbjorn Giskeodegard, analyst at Nordea Markets, wrote in his weekly salmon update.
The inventories in China are still lower than normal, but the gap has "narrowed substantially over the past months," he said.
"There are also expectation on a better second season in Peru, hence higher future supply."
This was confirmed by Peruvian fishmeal producer Copeinca in a second quarter fishing outlook, published Thursday.
"If these prices last, it might have a positive impact on salmon feed prices, hence lower the farming cost from 2014," Giskeodegard said.