Harvesters oppose offer selected by the Price Setting Panel for the 2024 capelin fishery

Capelin harvesters in Newfoundland and Labrador are expressing opposition to the offer selected by the Price Setting Panel for the 2024 capelin fishery.

Last year, processors reportedly paid $0.95 per pound to process capelin and earned $0.25 per pound, while harvesters were paid an average of $0.175 per pound of landed capelin. This led to processors earning $6.9 million, compared to the harvesters' $4.8 million.

The harvesters have submitted a new offer to ASP, proposing a formula-based system that splits the value of the capelin fishery evenly while accounting for production costs. The offer includes a "true-up" payment mechanism to adjust for market increases, ensuring fair compensation for harvesters as market conditions change.