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BAKKAo - P/F Bakkafrost News Story

NOK731.2 0.0  0.0%

Last Trade - 07/05/21

Sector
Consumer Defensives
Size
Large Cap
Market Cap £3.68bn
Enterprise Value £3.93bn
Revenue £537.4m
Position in Universe 163rd / 1835

Fish farmer Bakkafrost: market needs 6-7 pct annual salmon output growth

Tue 23rd August, 2016 9:39am
** CEO Regin Jacobsen of Faroese fish farmer Bakkafrost 
 BAKKA.OL  estimates a need for 6-7 percent annual growth in 
global salmon supply to meet current market demand trend 
    ** CEO predicts global supply growth of 2 percent in 2017 
after a drop of approximately 4 percent in 2016  
    ** CEO says this means market will remain strong 
    ** CEO says it's a challenge that the market does not get 
enough salmon 
    ** CEO says global market could need close to 10 percent 
supply growth if geopolitical issues are resolved, such as 
Chinese and Russian import restrictions from Norway 
    ** CEO also points out Norway's exports were shut out of the 
U.S. salmon market from 2003 to 2012 due to trade restrictions 
    ** CEO says new products and product development are drivers 
for demand growth 
    ** CEO says if we look at spot price and forward curve there 
was a gap, but now there's more common ground for the 
expectations in the market 
    ** Salmon price in spot market peaked above 80 Norwegian 
crowns per kilo in July, but has now dropped to the mid-50s 
 urn:newsml:reuters.com:*:nL8N1B02HJ 
    ** Fish Farmer Grieg Seafood predicted last week a 3-4 
percent global supply growth in 2017 after a drop of around 6 
pct in 2016  urn:newsml:reuters.com:*:nL8N1AZ1VV 
 
 (Reporting by Ole Petter Skonnord, editing by Terje Solsvik) 
 
Keywords: BAKKAFROST RESULTS/CEO
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