Glitnir Seafood Team

Tuna
Seafood Industry Report

August 2007

Glitnir Seafood Industry Report – Tuna

Contents
• Foreword and Report’s Main Findings .............................................. • Tuna Overview ............................................................................. • The Tuna Industry
1) Global Tuna Supply ........................................................... 2) Tuna Processing ................................................................ 3) Tuna Market – Trade and Prices .......................................... 4) Tuna Consumption ............................................................ 6 - 26 27 – 30 31 - 39 40 - 44 45 - 50 51 - 53 54 - 59 3–4 5

• Case Study: Tuna Farming ……........................................................ • Glitnir Seafood Stockwatch ............................................................ • Glitnir – General Information .........................................................

2

Glitnir Seafood Industry Report – Tuna

Foreword
Dear Reader, It is our pleasure to present this new issue of Glitnir’s Seafood Industry Report. In this report we change our viewpoint of focusing on the seafood industry of different countries and instead focus on the global tuna industry. We are now in our fourth year of publication and are grateful for the good feedback we have received from our industry partners. This is the fourth Seafood Industry Report issued this year and we will issue 3 other reports during the year. In terms of international trade, tuna is one of the most important fisheries species. Total export value of fisheries products amounted to USD 72 billion in 2004, whereof tuna accounted for USD 5.5 billion (7.6%). The three bluefin species are most valuable in terms of value per kilogram harvested, supply of these species is also the least or about 60,000 MT annually. This report gives an analytical overview over the global tuna value chain, its current situation and our evaluation of likely developments and future trends. At the end is a case study which focuses on tuna farming. We trust you find this report of benefit. We at Glitnir are proud of our strong team of seafood industry experts and look forward to working with you in our quest to make the seafood industry even more dynamic, efficient and profitable. You can contact the seafood team via seafood@glitnir.is and www.glitnir.is/seafood. Best regards, Glitnir Seafood Team

3

3 kg/year/capita 4 .45 kg/year/capita • Spain is the single largest country in tuna consumption with 3.3 million MT caught tuna supply in 2005 • The global caught tuna supply is stagnant and an increase in catches is not foreseeable • Concerns regarding stock condition of albacore. Pacific and Southern bluefin are the main species utilized for farming • Demand for fresh tuna has increased while demand for canned tuna is falling • The US. Europe and Japan are the main tuna markets • World tuna consumption has stagnated and is currently estimated to be 0. Atlantic bluefin and bigeye exists in the Atlantic and the Pacific ocean.Glitnir Seafood Industry Report – Tuna Main Findings • Tuna is the fourth largest fisheries product in terms international trade • The bluefin tunas are the most valuable tuna species in terms of value per kilo harvested • Yellowfin and skipjack accounted for 84% of the total 4. Australia. Mexico and Croatia is emerging and currently around 0. in general tuna stocks are considered to be fully exploited • Tuna farming in Spain.5% of the total global supply comes from aquaculture • Development of the larval technology is crucial for tuna farming to be able to grow and to become truly sustainable • Atlantic.

Pacific bluefin. Indian and Pacific Oceans and in the Mediterranean Sea • Seven principal market tuna species are identified: albacore. Globefish 5 .9 0.4% • Main fishing methods are pole and line. southern bluefin.4 0. trolling.1 Total 100% Source: FAO FIGIS online.8 0. and some purse seining Principal Market Tunas % of total catch (volume) Skipjack Yellowfin Bigeye Albacore Atlantic Bluefin Southern Bluefin Pacific Bluefin 54.Glitnir Seafood Industry Report – Tuna Tuna Overview • Tuna are several species from the family of Scombridaes. Atlantic bluefin. yellowfin and skipjack • The principal market tuna species are most important from catch-weight and economical view points • Among the principal market tuna species skipjack and yellowfin represent the largest share of total catch.0 30. mostly in the genus Thunnus • Tunas are very fast swimmers and are considered to be able to reach up to 75km/h (46mph) • The main species of tuna can migrate great distances within and between the world’s oceans • Tuna is one of the most economically important group of fish species • Approximately forty tuna species are known in the Atlantic. 84. long-line fishing.4 9.4 4. bigeye.

Glitnir Seafood Industry Report – Tuna 1) Global Tuna Supply Global Supply Catch / Aquaculture Processing Primary / Secondary Tuna Market Trade / Price Consumption Trends / Species 6 .

respectively • In the North Atlantic.0 0 0 10 .3 and 1.2 million metric tones (MT) • Skipjack tuna and the yellowfin tuna are the most caught tuna species and in 2005 the catch was 2.3 million MT) followed by blue whiting (2.0 0 0 8 . the single most caught species in 2005 was Atlantic herring (2.0 0 0 2 .0 0 0 4 .0 0 0 0 P e ruv ia n a nc ho v y A la s k a po llo c k S k ipja c k Skipjack t una tuna 2000 C a pe lin A t la nt ic he rring 2003 2004 B lue whit ing A t la nt ic co d Y e llo wf in Yellowfin T una tuna Source: FAO FIGIS online 2007. Statistics Iceland 2001 2002 2005 7 .0 0 0 MT ‘000 6 .3 million MT.1 million MT) Catch – Tuna in comparison with other species 2000–2005 12 .Glitnir Seafood Industry Report – Tuna Tuna catch in comparison with other species • Peruvian anchovy is the single most caught fish species in the world and in 2005 the catch was 10.

Glitnir Seafood Industry Report – Tuna Tuna catch remains high • Industrial tuna fisheries started as a result of increased demand during the 1940s and 1950s • In 2005 the total catch of the seven principal market tuna species. followed by yellowfin tuna (30%) and bigeye tuna (9%) • Around 65% of the global tuna catch is caught in the Pacific ocean. was 4. 23% in Indian waters and 12% in the Atlantic Ocean • Tuna farming in 2005 was almost 23. 2.3 million MT. which accounted for 0.5% of total supply Global Tuna Catch 1950-2005 5 4 MT million 3 2 1 0 1950 1970 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 Source: FAO FIGIS online 2007 8 .000 MT.6% higher than the year before • Concerns of a drop in catches in coming years due to a drop in spawning stocks and over-fishing prevail • Skipjack tuna represented 54% of total tuna catch in 2005.

Glitnir Seafood Industry Report – Tuna Tuna stock exploitation by fishing area • According to FAO. respectively Principal Market Tuna Species – State of Stocks Albacore Atlantic Atlantic: south Atlantic: north Atlantic Med. Atlantic bluefin and Southern Bluefin are in a depleting condition in the West Atlantic Ocean and in the Southern Ocean. Atlantic: east Atlantic: west Pacific Pacific: south Pacific: north Pacific: west Pacific: east Indian Ocean Southern Ocean N Source: FAO Atlantic Bluefin O D - Pacific Bluefin F F Southern Bluefin D Fully exploited Yellowfin F F-O F F O Skipjack N N M M M-F D Bigeye F O O F Depleted 9 M O N M F F M Not known Moderately exploited Overexploited .

and Albacore in the South Pacific Ocean are the only tuna stocks with potential for an increase in catches • Bigeye and yellowfin are prevalent by catch in skipjack fisheries.Glitnir Seafood Industry Report – Tuna Uncertain stock condition • In general. therefore. fully or overexploited • Further increases in catch of the seven principal tuna market species are not expected and in some cases catches might be limited to current levels in order to maintain stock size that gives maximum sustainable yield (MSY) • Skipjack in the Indian Ocean and the Pacific Ocean. yellowfin and bigeye are moderately. collection of additional data and improved measurement methods are there for essential Source: FAO 10 . the state of global exploitation of world marine fish stocks has remained relatively stable over the past 10–15 years • In 2005 around 23% of the fish stocks monitored by the Food and Agriculture Organization of the United Nations (FAO) was underexploited or moderately exploited. increased fishing effort for skipjack is not preferable • Difficulties are associated with the assessment of tuna stocks (especially Pacific bluefin and Southern bluefin) because of wide geographical distribution and the fact that the stocks are exploited by many nations • Current information regarding the stock size and conditions of the principal tuna market species is considered to be insufficient. and. 52% was fully exploited and 25% was overexploited or depleted • Two of the three main tuna species.

1) Principal market tuna species 11 .Glitnir Seafood Industry Report – Tuna 1.

912.Skipjack Tuna 1995-2005 2. www.Glitnir Seafood Industry Report – Tuna Skipjack tuna • In 2005.087 1. a 10.000 MT '000 1.000 MT.500 1.5% increase from the year before • Catches have been trending upwards since 1995 and the average catch for the period is 1.atuna.000 MT • Two stocks are assumed to exist in the Atlantic Ocean and one in the Indian Ocean. In the Pacific Ocean either a single stock with isolated subgroups or two or more separate stocks exist • Skipjack is an important tuna species both commercially and as game fish • The average weight and length of skipjack is 3kg and 35cm.306.645 1.023 2.570 1. catches of skipjack (Katsuwonus pelamis) were 2. although they can weigh up to 18kg Global Catch .824 2.com 12 .601 Source: FAO FIGIS online 2007 (latest data for 2005).500 2.894 1.957 1. FAO.161 2.000 500 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2.306 1.965 1.

Indonesia.000 MT 200.Skipjack 2004-2005 350.000 0 or ea el le s w an pa n ai n ad o in am o Ja Ta i Ch P an In K S Ec u ch M ex d p ic o r n. in 2005 • The main markets for skipjack tuna are Japan (sashimi). Korea and Taiwan are the main fishing nations with 293. Western-Europe and the US Leading fishing countries .087 MT.000 50. 171.140 MT.Glitnir Seafood Industry Report – Tuna Japan main fishing nation of skipjack tuna • Japan.000 300. a a Skipjack tuna 2004 Source: FAO FIGIS online 2007 (latest data for 2005) Skipjack tuna 2005 13 S ey .641 MT and 170.320 MT respectively.000 250. 235.000 100.000 150.

200 1.165 1. FAO 14 MT '000 1.400 1.600 1.1% lower than the year before • Catches have been slightly upward trending since 1995 and the average catch for the period 1995–2005 is 1. total catches of Yellowfin (Thunnus albacares) were 1.064 1. yellowfin does not exist in the Mediterranean Sea • Yellowfin can reach a length of 240cm and weigh up to 200kg Global Catch .437 1.296 .211 1. Indian and the Pacific Oceans.000 MT.Yellowfin tuna 1995-2005 1. 2.210 1.241.186 1.Glitnir Seafood Industry Report – Tuna Yellowfin tuna • In 2005.349 1.000 MT • Yellowfin is found in open waters of the Atlantic.072 1.324 1.336 1.296.000 800 600 400 200 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: FAO FIGIS online 2007 (latest data for 2005).

the Philippines and Spain are the main fishing nations with 143.279 MT respectively in 2005 • The main markets for yellowfin are Japan.000 0 pi ne s ai n Ja pa n M ex ic o he lle s Ec ua do Pa na m Ta iw Ko Ch in a ne si a an re a Sp a r Ph ili p In do Yellowfin tuna 2004 Source: FAO FIGIS online 2007 (latest data for 2005). 95. and 92.596 MT. Taiwan.001 MT.000 40. 122.000 120.000 60.184 MT.Yellowfin Tuna 2005-2004 160.000 100. FAO Se yc Yellowfin tuna 2005 15 .000 140.000 20.000 MT 80.Glitnir Seafood Industry Report – Tuna Mexico main fishing nation of yellowfin • Mexico. Western Europe and the US Leading fishing countries .

respectively Global Catch .Glitnir Seafood Industry Report – Tuna Bigeye tuna • In 2005. 8.Bigeye Tuna 1995-2005 500 400 MT '000 300 200 100 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 394 392 423 434 449 447 424 456 412 442 403 Source: FAO FIGIS online 2007 (latest data for 2005). the average catch for the period 1995–2005 is 425.com 16 .000 MT.8% lower than the year before • Catches peaked in 1999 at 449. www. two stocks are assumed to exist in the Pacific Ocean • Bigeye has high fat content and is therefore preferred by discriminating sashimi buyers • The average weight and length of bigeye is 15-20kg and 90cm.atuna.000 MT • One single stock of bigeye is assumed to exist in the Atlantic Ocean and another one in the Indian Ocean. FAO.000 MT but have been coming down since that time. catches of bigeye tuna (Thunnus obesus) were 403.

000 40.000 120. 73.Glitnir Seafood Industry Report – Tuna Taiwan main fishing nation of bigeye tuna • Japan.000 60.000 100. in 2005 • Japan is the main market for bigeye tuna Leading fishing countries . FAO Bigeye Tuna 2005 17 . Taiwan and Indonesia are the leading fishing nations of bigeye with 76.961 MT.Bigeye Tuna 2004-2005 140.905 MT respectively.000 MT 80.737 MT and 35.000 20.000 0 re a ia r a w an A U S S ey pa n ai n ad o in ne s am C h Ta i Ja P an S K Ec u ch el p o le s a In d o Bigeye Tuna 2004 Source: FAO FIGIS online 2007 (latest data for 2005).

www. one in the north and one in the south. One single stock is also assumed to exist in the Indian Ocean • Around 40% of total catches comes from the Northern Pacific.Glitnir Seafood Industry Report – Tuna Albacore tuna • In 2005. 27% from the Southern Pacific.000 MT. total catches of albacore (Thunnus alalunga) were 209. the average catch for the period 1995–2005 is 224. FAO.atuna.000 MT • In general three stocks of albacore are assumed to exist in the Atlantic Ocean.com 18 . 25% from the Atlantic Ocean and 8% from the Indian Ocean • The lengthe of albacore can measure up to 140cm and their weight extend to 60kg Global Catch . the northern and southern stocks (seperated at °5 N) and a Mediterranean stock • Two seperate albacore stocks live in the Pacfic Ocean. 15% lower than the year before.Albacore tuna 1995-2005 300 250 MT '000 200 150 100 50 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 195 201 219 229 253 232 240 222 246 215 209 Source: FAO FIGIS online 2007 (latest data for 2005).

Glitnir Seafood Industry Report – Tuna Japan the leading fishing nation of albacore tuna • Japan. Spain. France and Korea were the only nations that increased catches • Most of the catch is used for producing “white meat” canned tuna Leading .000 20.000 30.000 50. FAO 2004 2005 P C 19 .Albacore fishing countries 2004-2005 70.000 60.000 10.000 MT 40.000 0 S ai n an a hi na n ce ia ol yn es ia ad U Fr an Sp an Ja or e K pa w e es a do n Ta i Th C In Source: FAO FIGIS online 2007 (latest data for 2005). Taiwan and the US are the leading fishing nations of Albacore and in 2005 catches of these nations accounted for 46% of the total catch • The three main fishing nations reduced their catches in 2005 compared to the year before.

its habitats are in the Atlantic and Pacific Oceans • Around 40% of the total catches come from the North-West Pacific. FAO.2 52.com 20 .Bluefin tuna 1995-2005 60 50 MT '000 40 30 49. 60% from the Atlantic Ocean (including 35% from the Mediterranean) • Improved research on the Atlantic bluefin stock is considered to be necessary to improve fisheries control • The Atlantic bluefin stock is under threat from overexploitation • Avereage catch weight is about 7kg Global Catch .4 35.500 MT • Atlantic bluefin is the slowest growing tuna species and it can live for up to 25 years • Atlantic bluefin is know for its widespread migrations. 8.atuna.8 39.3 36.740 MT.7 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: FAO FIGIS online 2007 (latest data for 2005). total catches of Atlantic bluefin (Thunnus thynnus) were 35.6 36. www.7 49.5% lower than the year before.1 35.4 35. the average catch for the period 1995–2005 is 40.6 32.4 20 10 0 42.Glitnir Seafood Industry Report – Tuna Atlantic bluefin tuna • In 2005.

other countries have a much shorter history • The total value of Atlantic bluefin farming in 2004 and 2005 was USD 131 million and USD 87 million respectively • In 2005.000 8.000 50. in 2004 its share was 43% Atlantic Bluefin .000 25.Aquaculture (volume) 10.Aquaculture (value) 125.Glitnir Seafood Industry Report – Tuna Spain leads the way in Atlantic bluefin aquaculture • Spain and Croatia are the leaders in Atlantic Bluefin aquaculture (fattening) with around 3. FAO 21 . extending back to 1985.000 0 Spain Croatia Tunisia Cyprus 2005 2004 2003 Italy 2002 Source: FAO FIGIS online 2007 (latest data for 2005).000 75.000 0 Spain Croatia Tunisia Cyprus 2005 2004 2003 2002 Italy MT 6.000 100.000 4.000 USD '000 Atlantic Bluefin .400 MT each in 2005 • Spain has the longest history of Atlantic Bluefin aquaculture.000 2. Atlantic bluefin accounted for 33% of total global tuna aquaculture.

Glitnir Seafood Industry Report – Tuna

Pacific bluefin tuna
• In 2005, total catches of Pacific bluefin (Thunnus orientalis) were 4,400 MT, 6% lower than the year before • Catches of Pacific bluefin have varied substantially between years; the average catch for the period 1995–2005 is 10,000 MT • Pacific bluefin spawn in the Western Pacific, then migrate over 11,112km to the Eastern Pacific, and eventually return to the West to spawn again • According to FAO a single stock of Pacific bluefin has been assumed to exist in the Pacific Ocean. Tagging studdies have shown that substantial exchange of fish between the Eastern and Western Pacific Oceans exists • Pacific bluefin can reach an age of 30 years, extend up to 3m in length and weigh up to 550kg • Japan, Taiwan and Mexico are the main fishing nations with 1,780 MT, 1,368 MT and 996 MT respecitvely in 2005

Global Catch - Pacifc Bluefin tuna 1995-2005 18 16 14 12 10 8 6 4 2 0

MT '000

16.1 11.0 7.3 7.6

16.8

16.2 9.1 9.1 8.2 4.7 4.4

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Source: FAO FIGIS online 2007 (latest data for 2005), FAO 22

Glitnir Seafood Industry Report – Tuna

Mexico leads the way in Pacific bluefin aquaculture

• Mexico is the only country involved in aquaculture of pacific bluefin • In 2001–2003 aquaculture of Pacific bluefin in Mexico totalled around 500 MT annually • In 2004 the production jumped to 4,193 MT and in 2005 the production further increased

M e xic o - P a c if ic B lue f in A qua c ult ure 2 0 0 4 - 2 0 0 5 10 .0 0 0 7 .8 6 9

8 .0 0 0

6 .0 0 0

MT

to 7,869 MT • The total value in 2004 and 2005 was USD 58 million and USD 120 million, respectively • Farming of pacific bluefin represented 34% of total farmed tuna in 2005

4 .19 3 4 .0 0 0

2 .0 0 0 5 17 0 2003 2004 2005

Source: FAO FIGIS online 2007 (latest data for 2005), FAO

23

Glitnir Seafood Industry Report – Tuna

Southern bluefin tuna
• In 2005, catches of Southern Bluefin (Thunnus maccoyii) totalled 16,000 MT, a 8.8% increase from the year before • Catches have been trending downwards since peaking in 1999 although a slight increase occurred in 2005. The average catch for the period 1995–2005 is 15,800 MT • Southern bluefin is found in open southern hemisphere waters of all the world’s oceans • Southern bluefin reach a length up to 2.5m and weight up to 400kg and is therefore one of the largest bony fishes • Japan, Australia and Indonesia are the main fishing nations with 7,344 MT, 5,535 MT and 1,831 MT respectively, in 2005

Global Catch - Southern Bluefin Tuna 1995-2005 25 20

MT '000

15 10 5 0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
24

13.8

16.2

15.0

17.2

19.6 15.2

17.5

15.4

13.5

14.7

16.0

Source: FAO FIGIS online 2007 (latest data for 2005), FAO

011 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: FAO online 2007 (latest data for 2005).000 10.000 0 3.Aquaculture on Southern Bluefin Tuna 12.000 4.558 7. respectively • Farming of southern bluefin is one of the most valuable sector of the South Australian aquaculture industry • The majority of the Australian farmed southern bluefin supply is serving the Japanese sashimi market Australia .927 2.000 8.373 2.458 MT 6. PIRSA 25 .000 2.558 MT but fell down to 7.000 9.458 MT in 2005 • The total value of the Australian production in 2004 and 2005 was USD 179 million and USD 107 million.763 7.089 1.Glitnir Seafood Industry Report – Tuna Australia leading the way in southern bluefin aquaculture • Australia is the only active country in farming of southern bluefin. Forbes.889 1.649 4. The production peaked in 2004 at 9.013 2.652 1.

4% 10.1 14.6% 11.1% 3.1% 5.9% 12.3 38.6 52.3% 9.6 25.7 2.3% 6.02% 15.1 8.7% Taiwan Albacore tuna Skipjack tuna Yellowfin tuna Bigeye tuna Bluefin all China Albacore tuna Skipjack tuna Yellowfin tuna Bigeye tuna Bluefin all Ecuador Albacore tuna Skipjack tuna Yellowfin tuna Bigeye tuna Bluefin all 2005 (MT ‘000) 39.1 69.9 35.3% 19.6% %* 2.04% 0.8 10.6% %* 9.2% 4.7 9.4% 4.7% 5.7 2005 (MT ‘000) 20.9 2005 (MT ‘000) 0.9% %* 0.6 2005 (MT ‘000) 5.9 %* 9.8 235.1% 22.1% 6.8 293.0 73.6% 1.4% 18.0% 8.0% 0.0% 7.4 2005 (MT ‘000) 0.5% 1.9 171.8% %* 6.4 137.0% %* 1.0% 6.4% 7.3% 2.7% 5.9 18.7 77.0 2005 (MT ‘000) 2.9% 7.2 0.0 %* 19.0 %* 21.2 1.5 24.9% 3.3 122.2 23.4% 5.0% 1.1 46.8% Source: FAO FIGIS online 2007.9 43.1 65.5% %* 0.6 92.6 2005 (MT ‘000) 142.0 43.3% 16. *% of total catch in 2005 26 .2% Indonesia Albacore tuna Skipjack tuna Yellowfin tuna Bigeye tuna Bluefin all Seychelles Albacore tuna Skipjack tuna Yellowfin tuna Bigeye tuna Bluefin all Mexico Albacore tuna Skipjack tuna Yellowfin tuna Bigeye tuna Bluefin all 2005 (MT ‘000) 19.3 25.1 143.9 170.0 12.04% 1.Glitnir Seafood Industry Report – Tuna Catch of principle market tuna species in 2005 Japan Albacore tuna Skipjack tuna Yellowfin tuna Bigeye tuna Bluefin all Spain Albacore tuna Skipjack tuna Yellowfin tuna Bigeye tuna Bluefin all Korea Albacore tuna Skipjack tuna Yellowfin tuna Bigeye tuna Bluefin all 2005 (MT ‘000) 45.

Glitnir Seafood Industry Report – Tuna 2) Processing Supply of Raw Materials Catch / Aquaculture Processing Primary / Secondary Tuna Market Trade / Price Consumption Trends / Species 27 .

FAO. The line between sashimi-quality and steak-quality tuna varies with the state of the market.6 and 2. tuna steaks.g. mainly the EU and the US. in tuna salads. depending on the level of demand • Estimated production of canned tuna in 2006 is between 1. tuna in a pouch. Glitnir Research 28 .Glitnir Seafood Industry Report – Tuna Tuna processing • The main internationally traded tuna forms are: – – – – – raw material for canning pre-cooked loins for canning or frozen products tuna for direct consumption (sashimi) canned tuna smoked and dried tuna • The two main types of processing are sashimi in terms of value and canning in term of quantity • Tuna is also a popular value-added product. e. tuna paste and tuna burgers • Skipjack tuna and yellowfin tuna account for 84% of the world catch and 70% of the global catches are used in canning • Tunas that are not acceptable for sashimi are sold in the steak market.0 million MT Source: Globefish.

Gutting. Heading Freezing Pre-cooking Loining Canning Retort cooking Cooling labelling and packing for distribution Source: Globefish 29 .5 million MT • Because of the colour of the meat. UK and France The Processing Chain for Canned tuna Capture Thawing Gilling. while canned albacore Tuna is also known as “white meat” tuna • Canned tuna products are packed in oil. brine.Glitnir Seafood Industry Report – Tuna Canning dominates in terms of quantity • The main species utilized for canning are skipjack yellowfin and albacore • Around 70% of skipjack and yellowfin utilized for canning which in 2005 accounted for about 2. spring water or sauce • The main importers of canned tuna are the US. canned skipjack tuna and Yellowfin Tuna are also known as “light meat tuna”.

tuna for the premium sashimi market is generally caught by long-lines. which ensure the best handling of the fish • Sashimi is typically served in small slices. the peripheral layer of the fish belly with a fat content of about 25% • Tuna for sashimi utilization is graded according to: – – – – Species Capture method Fat contents Aesthetic characteristics Source: Globefish. depending on fat contents: the higher the fat content. FAO 30 . or from tuna frozen at -40° immediately after harvest • In terms of capture methods. dipped in soy sauce or occasionally mixed with wasabi (Japanese horse radish) and consumed raw • Different sashimi cuts from different species have various market values. the lighter the colour and the more valued the sashimi will be • The best sashimi comes from toro.Glitnir Seafood Industry Report – Tuna The value lies in sashimi processing • The sashimi market requires the use of larger species. such as bluefins (ensuring the premium sashimi) bigeye and yellowfin • Sashimi originates from fresh raw tuna meat.

Glitnir Seafood Industry Report – Tuna 3) Tuna Market – Trade and Prices Supply of Raw Materials Catch / Aquaculture Processing Primary / Secondary Tuna Market Trade / Price Consumption Trends / Species 31 .

Glitnir Seafood Industry Report – Tuna Tuna ranks number four in export value • Total export value of fisheries products amounted to USD 72 billion in 2004. 2006 32 .8 5.7 5.2 7. bigeye.7 0. bluefin and skipjack are the most traded tuna species • The main markets for canned tuna are the US and EU and for sashimi. Japan is the largest market Main Tuna Markets Shrimp Fillets Salmon/Trout Tuna Export of top 4 fisheries products Value (USD billion) 12.3 5.5 Tuna trade by product category Value (USD billion) Frozen Canned Fresh Total 2. whereof tuna accounted for 7.0 2.5 Source: FAO Fisheries Statistics – Commodities.6% • The top 4 fisheries products accounted for 43% of total export value • Capture supply is dominating the global trade • Yellowfin.

000 MT '000 1. Pacific and southern bluefin 33 Skipjack USD '000 .500 2.000 500 0 Yellow fin Bigeye Quantity Source: FAO Fisheries Yearbook 2006 1.Glitnir Seafood Industry Report – Tuna Bluefin the most valuable tuna species • Yellowfin is the largest tuna species in terms of international trade while skipjack is the largest and most widespread species in terms of landed volume • Bluefin tuna are the most valuable tuna species in terms of value per kilo harvested • Most of the total USD 550 million bluefin trade is in the form of fresh products. or about 70% of sold value Tuna .500 1.200 1.Catch volumes and value of global trade in 2004 2.000 800 600 400 200 0 Bluefin* Value *Atlantic.

92 0.07 11. the cause is higher prices • An increasing quantity of fresh tuna is being traded outside the traditional auction market because landing and freight costs have increased.73 0.14 74.00 1.7 2006 2.62 0.77 24.02 10.07 21.50 12.04 4.9 2007 4.76 62.03 0.19 22.14 0.26 0.Glitnir Seafood Industry Report – Tuna Tuna imports into Japan declining • Japan is the prime market for the highest graded fresh tuna.69 4.76 0.51 45.26 29.27 26.446 MT.07 0.37 12. respectively • In the first six months 2006. sashimi tuna • Demand for sashimi tuna in Japan has been weakening.04 3.03 0.15 15. also because the traditional marketing channel in Japan is very long • Imports of all major tuna species into Japan have declined in recent years and at the same time import values have moved up • During the first 3 months of 2007 imports of fresh/chilled and frozen tuna fell by 24% in quantity while value increased by 12% • The total import of fresh/chilled tuna and frozen tuna in 2006 was 44.17 2.78 3.8 34 Yellowfin Bluefin Bigeye Skipjack Albacore S.70 1.77 0.03 14.3 2005 2. Bluefin Bigeye Yellowfin Skipjack Albacore Total .4 2007 4.328 MT and 246. Bluefin Total Source: Globefish.5 2006 5. Glitnir Research Bluefin S.94 6. total market share of tuna in total fishery imports into Japan was 14% • Weakening of the Japanese Yen has also contributed to decrease of purchasing power Japan Imports Fresh/Chilled Tuna January – March (‘000 MT) Japan Imports Frozen Tuna January – March (‘000 MT) 2005 6.

increased between 4% and 20% • In general tuna prices are expected to increase in near future • Prices of sashimi-grade tuna fluctuate widely during the year. Project Topaz . prices for Atlantic. depending on the periods of peak consumption of sashimi: – – – The Golden Week in May.000 6. The Bon Festival.000 1.000 Historical prices of sashimi-grade tuna in Japan Yen/kg 5.000 0 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Atlantic and Pacific bluefin tunas Southern bluefin tuna Bigeye Tuna Source: Globefish. which takes place during July and August.000 4.000 2. Pacific and southern bluefin have been downward trending • The average per kilogramme import value for tuna during January–September 2006.000 3. and The New Year festivities 8.000 7.Tuna Market Review – December 2005 Report by Camillo Catarci 2003 Yellowfin Tuna 35 .Glitnir Seafood Industry Report – Tuna Prices declining in the past but on the rise again • Historically.

in 2007 imports are expected to further decrease to 145.000 MT in near future • Imports of canned tuna in 2005 and 2006 were 169.000 MT and 152. from 6.Glitnir Seafood Industry Report – Tuna The US market: Declining in canned. Glitnir Research MT '000 1999 2000 2001 Indonesia 2002 2003 Ecuador 2004 others 2005 2006 Philippines US total imports 36 . growing in fresh • Total imports of fresh/chilled tuna increased slightly.000 MT • Imports of yellowfin into the US in the first three months of 2007 were 5% higher than in the same period in 2006 US imports and supplying countries 180 160 140 120 100 80 60 40 20 0 1998 Thailand Source: Globefish. in the first three months of 2007 compared to the same period last year • Total yearly imports of fresh tuna are expected to be around 25.400 MT.500 MT respectively.500 MT to 6.

Glitnir Research 37 .Canned tuna prices 26 24 USD/carton 22 20 18 16 14 12 10 Jan-00 Jan-99 Jan-01 Jan-02 Jul-04 Jul-99 Jul-00 Jul-02 Jul-03 Jul-05 Jul-06 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jul-01 Source: Globefish.Glitnir Seafood Industry Report – Tuna A slight increase in canned tuna prices • Prices of canned tuna in the US have been upward trending although demand and imports have been decreasing • Higher raw material prices seem to be resulting in somewhat higher product prices of canned tuna which was not the case first when raw material prices started to rise • Prices are expected to rise further following the tight supply situation US .

Glitnir Research MT '000 2001 Cote d´l voire 2002 Seychelles 2003 Spain 2004 2005 EU 4 Biggest im porters 38 .000 MT) are the largest importers of canned tuna within the EU • Imports of canned tuna into Germany. UK. France and Italy have decreased by 4% since peaking in 2003 • Spain is the single largest supplier of canned tuna that is imported into the EU EU 4 largest importers and country off suppliers 450 400 350 300 250 200 150 100 50 0 2000 Others Source: Globefish.000 MT) and Italy (63. Germany (84. France (108.000 MT).000 MT).Glitnir Seafood Industry Report – Tuna EU demand is strong for both canned and fresh tuna • UK (132.

demand for tuna on the EU market has been rather strong.Glitnir Seafood Industry Report – Tuna EU – Canned tuna prices rising • Prices of canned tuna on the EU market rose again after falling slightly at the start of 2007 • Despite price increases. Glitnir Research 20 15 10 5 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 39 . but there are indications showing that demand might increase due to further foreseeable price increases • The main reason for higher prices is low supply of raw material Canned Tuna prices in the EU 30 25 USD/carton Source: Globefish.

Glitnir Seafood Industry Report – Tuna 4) Tuna consumption Supply of Raw Materials Catch / Aquaculture Processing Primary / Secondary Tuna Market Trade / Price Consumption Trends / Species 40 .

3 0.7 0.Tuna Market Review – December 2005 Report by Camillo Catarci 41 .5 0. Project Topaz .2 0.4 0.0 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004E 2006E Source: Globefish.8 kg/year/capita 0.26 kg/year/capita in 1980 and according to Glitnir’s estimate the consumption in 2006 was around 0. Glitnir Research.Glitnir Seafood Industry Report – Tuna Canned tuna consumption stagnant • Tuna consumption has been stagnant for the last three years after a slow increase in previous years • Recession in global supply in recent years is a likely cause for stagnant consumption • World consumption of canned tuna (live weight equivalent) was 0.1 0.6 0.45 kg/year/capita • Prices for the principal species used for canning have been constantly increasing in recent years • Reduced supply and increased prices of canned tuna will lead to less consumption in near future World consumption of canned tuna 0.

Project Topaz .Tuna Market Review – December 2005 Report by Camillo Catarci P or t W 42 .0 USA* Canada Japan Mexico Consumption of canned tuna in selected countries 3. A us tr ia G re ec e Sw ed en Lu xe m b.4 1. Canada.5 0.5 Kg/year/capita 1.3 1.8 1.3 2.0 3.2 2.7 0.5 2.0 0.9 0. the United States. Sp ai n ug al EU 2 It or ld * 2006 figure 2.5 1.1 1.3 kg/year/capita • In the US consumption of canned tuna is 1.0 5 Fi nl an d D en m ar k B el gi u m Ir el an d G er m an y N et he rl . Japan and Mexico Consumption of canned tuna outside EU .2 1.5 al y nc e Fr a U K Source: Globefish.5 3.6 1.9 0.8 0.5 0.6 0.7 0.1 0.0 1.2003 1.Glitnir Seafood Industry Report – Tuna The US and EU largest in canned tuna consumption • Spain is the single largest country in tuna consumption with 3.3 Kg/year/capita 2.7 0.3 kg/year/capita and due to large population this is an important market • The main consuming countries of canned tuna are the European Union (EU).7 0.0 0.9 0.5 1.

26 0.31 0.66 0.15 7.54 2005 1.50 0.86 1.90 1.10 0.28 0.50 Source: NFI 43 .27 0. edible weight) Species Shrimp Canned Tuna Salmon Pollack Catfish Tilapia Crab Cod Clams Flatfish Total all species 2004 1.97 0.21 0. the consumption in 2006 was 7.38 0.49 0.40 1.44 0.30 0.29 0.75 0.Top 10 species in USA ( kg per capita.Glitnir Seafood Industry Report – Tuna Canned tuna consumption decreasing in USA • Consumption of canned tuna has decreased last three years • Despite reduced consumption canned tuna is the second most consumed seafood item in the US and the US market is still the single largest market for canned tuna • Shrimp is still the most consumed fisheries product in the US and Tilapia is the fastest growing species in terms of consumption • Overall seafood consumption in the US has been relatively stable in recent years.19 0.22 0.31 0.36 2006 2.20 n/a 7.92 0.16 7.58 0.46 0.45 0.00 1.5 kg/capita compared to 22 kg/capita in the EU (2005 figure) 1 2 3 4 5 6 7 8 9 10 Consumption .

Mexico and Croatia is mainly utilized for that purpose • Increased demand for fresh tuna has lead to higher prices in world markets • Increased consumption of sushi in the US and EU has contributed significantly to this increased demand • Consumption in Japan is still strong but there are indication of some downward trend which is considered to be caused by higher prices. mainly Yellowfin and Bluefin has increased in past years and farmed tuna from Australia. Glitnir Research 44 .Glitnir Seafood Industry Report – Tuna Increased demand for fresh tuna • Consumption of fresh tuna. Prices seems to be too high to maintain the strong demand which used to characterize the Japanese market • The US has emerged as the second largest import market for fresh tuna and tuna products Source: Globefish.

Glitnir Seafood Industry Report – Tuna 5) Case Study: Tuna Farming 45 .

The main feed is sardine. The tunas are transferred to the growth-out cages and the formal fattening process starts. which is high for farmed tuna • Farming also enables better timing of supply • Atlantic bluefin is most valuable of the farmed tuna species • The bulk of the farmed tuna is flown or shipped directly into Japan Tuna farming chain Tuna are captured at sea by purse seine netting. *FCR is the mass of the food eaten divided by the body mass gain 46 .Glitnir Seafood Industry Report – Tuna Bluefin tunas are the farming species • Tuna farming was first carried out in 1975 in eastern Canada • Farming of tuna has almost exclusively been carried out in the form of catching small tunas for fattening • Atlantic. sometimes with help of helicopters and airplanes. mackerel and anchovy. Source: Glitnir Research. The farming location can be in long distance and the sailing can take up to 30 days. The fattening period takes from 6 to 24 months and time of harvesting usually depends on market condition in main markets. The tunas are then transferred to a specialised towing seacage. Southern and Pacific Bluefin are the tuna species commercially utilized for farming but Yellowfin farming has been gaining foothold recently • The fattening period takes from 6 to 24 months and the monthly growth rate is approximately 7% • The feed conversion ratio (FCR*) is around 20 (it takes 20 kg of feed to produce 1 kg of tuna) which is high compared to farming of other fish species (salmon 1–2) • The farmed tuna is usually higher priced than wild tuna because the sashimi market is basing the price on the fat content of the product. FAO The cages are slowly towed (1–2 mph) to the farming location.

Glitnir Seafood Industry Report – Tuna Australia and Mexico biggest in tuna farming • Australia and Mexico are largest in tuna farming. other countries are: – – – – – – – Croatia: Atlantic bluefin Tunisia: Atlantic bluefin Spain: Atlantic bluefin Portugal: Atlantic bluefin Cyprus: Atlantic bluefin Italy: Atlantic bluefin Oman: Yellowfin Tuna – Main farming locations Source: FAO FIGIS online 2007 47 .

000 25.195 MT in 2005 • Tuna farming still represents low share of the total global tuna supply and in 2005 it was 0.Main Farming Countries 2005 400. Australia (Southern bluefin tuna) and Mexico (Pacific bluefin tuna).000 5.000 100. but there is still long way ahead • Global tuna farming increased from 2. Croatia (Atlantic bluefin tuna).000 USD '000 150.Global Aquaculture 1996-2005 30.Glitnir Seafood Industry Report – Tuna Aquaculture growing.000 0 USD '000 48 15.5% compared to 0.000 0 tra lia ex ic o at ia Quantity Source: FAO FIGIS online Value Au s M Quantity Cr o Value Sp ai n .000 300.000 MT Tuna .090 MT in 1996 to 22.6% in 2004 • Lower catch in 2005 is the reason for increased share of tuna farming of total supply • The main Aquaculture countries are Spain (Atlantic bluefin tuna).000 2.000 4.000 20.000 0 19 96 19 97 19 98 19 99 20 00 20 01 20 02 20 03 20 04 20 05 MT 6.000 50. representing more than 95% of total supply Tuna .000 100.000 200.000 0 10.000 8.000 10.

which is possible to control under farming conditions • The US and the EU markets are growing as sashimi markets • Declining catch leaves a gap in market for the tuna farming industry to fill • The catch of Bluefin tuna is declining and prices are rising due to less supplies Challenges • Further development of the larval technology is crucial for tuna farming to be able to grow and to become truly sustainable • With ability to produce fingerlings. therefore live tuna trade sometimes escapes international and regional monitoring • High feed conversion ratio (FCR) • The usage of dry feed 49 .Glitnir Seafood Industry Report – Tuna Tuna Farming: Opportunities and challenges Opportunities • Tuna is a high value fisheries product posing it as an interesting species for farming • The demand for a sashimi graded tuna is high which represents an opportunity for farmed bluefin • One of the main criteria of sashimi graded tuna is the fat content. which have criticised catch of small tunas for fattening • Some countries do not request trade certification for live tuna that is sold from one country to another for farming. the tuna farming business is more likely to be accepted by environmentalist group.

Glitnir Seafood Industry Report – Tuna 50 .

5 133.0 12.6% 31.223 1.7 46. Glitnir banki hf.0 14.0% 15.6% 51.6% 33. Glitnir.2 26. hereby disclaims liability and does not accept any responsibility for such information or is giving any advice in relation to investments in those companies. Individual Stock Exchanges.0% -13.3 24.8 11.7 16.0 8. Company Annual and Quarterly Reports Revenues. %change YTD Index.2 12.Cap m.6 10. Disclaimer: The companies on the list have been selected by Glitnir.4% 126.4 9. %change from June 19 Index: January 1.Glitnir Seafood Industry Report – Tuna Glitnir Seafood Stockwatch – Europe in cooperation with Europe Company Country M.5 12.0 8.2% 6.1% 48.2 305. 2007 = 100 Norway Norway Norway Norway Spain Denmark Iceland Norway Greece Iceland 4.1 13.0 5.6% 23.769 1.0 24.7 5.0 24. 2007.9 17.3 57. "n/a" = not available. 51 .770 1.5 113.5 13.168 703 615 541 377 352 294 7.8% 9.8 Sources: Bloomberg. "nmf" = not meaningful. Data as of July 20.4% 18.0 23.2 13.7% 23.6 12.0 8.5 40.2 6.USD Current share price Change (%) in share price YTD 12m EV/EBITDA 12M P/E Marine Harvest Austevoll Seafood Cermaq Leröy Seafood Group Pescanova Biomar Holding Alfesca Aker Seafoods Nirefs (Nireus) Icelandic Group Europe Index Index.

Disclaimer: The companies on the list have been selected by Glitnir. Chuo Gyorui Co.1 10.0% -9.186 654 639 613 264 242 219 175 129 749.0 2. %change from June 19 Index: January 1. "n/a" = not available.4 nmf nmf 23.0 7.Cap m.0 2.USD Current share price Change (%) in share price YTD 12m EV/EBITDA 12M P/E Nippon Suisan Kaisha China Fishery Group Thai Union Frozen Foods Group Maruha Group Pacific Andes Nichiro Corporation Sea Horse Kyokuyo Co.0 366. "nmf" = not meaningful.3 24. Data as of July 20.8 244. %change YTD Index.0% -11.9 8.8 195.8 18.4 Sources: Bloomberg. 2007 = 100 Japan China Thailand Japan China Japan Thailand Japan Japan Japan 1. Company Annual and Quarterly Reports Revenues.8% -20.0 218. Asia Index Index.5 24. Individual Stock Exchanges.9 n/a 18.2 15. 2007.9% 0. Glitnir banki hf.2% 47. hereby disclaims liability and does not accept any responsibility for such information or is giving any advice in relation to investments in those companies.697 1.2% -4.0 1475.2 16.0 2. 52 .0% -3. Glitnir.Glitnir Seafood Industry Report – Tuna Glitnir Seafood Stockwatch – Asia in cooperation with Asia Company Country M.2% 59. Uoriki Co.6 n/a n/a nmf n/a n/a 13.2% -7.2% 5.5% 115.1 nmf 17.6% n/a 16.

Disclaimer: The companies on the list have been selected by Glitnir. Individual Stock Exchanges.0% 3.0 8.0 622.2 11.2 Sources: Bloomberg.9% 7.3 37.2 15.9% 14. Company Annual and Quarterly Reports Revenues.5 9.7 10.0 10.5 10. "nmf" = not meaningful. Data as of July 20.0% 49.2 11.8 nmf 27.4 n/a n/a n/a 13.1 18.5 1005.0 32.2 16. Glitnir banki hf. Glitnir. 2007.4% 25.9% 32.0 305.4% -0.5 5.3 nmf 27.0 14. hereby disclaims liability and does not accept any responsibility for such information or is giving any advice in relation to investments in those companies.9% 132.4 9.7% 41.9 11.USD Current share price Change (%) in share price YTD 12m EV/EBITDA 12M P/E Copeinca Connors Brothers Income Fund Sociedad Pesquera Coloso Pesquera Itata Invertec Pesquera (Invermar) Pesquera Iquique-Guanaye (Igemar) Clearwater Seafoods Income Fund Fishery Products International (FPI) Omega Protein Corp High Liner Foods The Americas Index Index.1 54.8 12. %change from June 19 Index: January 1.Cap m.0 15. 2007 = 100 Peru Canada Chile Chile Chile Chile Canada Canada US Canada 671 510 375 356 277 258 245 188 160 98 69.8% 0. %change YTD Index.4% 90.Glitnir Seafood Industry Report – Tuna Glitnir Seafood Stockwatch – The Americas in cooperation with The Americas Company Country M. "n/a" = not available. 53 .2% 11.

Sustainable Energy & Shipping – Offshore Supply Vessels Services 26% Glitnir’s total loan portfolio $22 billion Individuals 21% • Strong focus on the seafood industry since 1904 • Today 8% of the bank’s loan portfolio is in the seafood industry • Credit ratings: Aa3 / P-1 (Moody’s). A / F1 (Fitch) and A-/A-2 (Standard and Poor’s) Other 5% Seafood 8% Commerce 5% Real Estate 27% Industry & contractors 8% Our services include: Credit facilities – – – – – Term loan facilities Working capital facilities Syndicated loans Vessel financing Bridge loans Mergers & acquisitions – – – – – – – Financial advisory Acquisitions Disposals Minority investments MBOs / LBOs / MBIs Private Placements Strategic reviews Capital Markets – – – – Bond issuances FX dealings Forward contracts Options Other services – – Risk management advisory Equity participation * as of April 30.Glitnir Seafood Industry Report – Tuna Introduction to Glitnir • Home markets are Iceland and Norway • Focus on niche segments worldwide Seafood Industry. 2007 54 .

Finland FIM Group Russia FIM Financial Services • New York office: open 2007 • Corporate Credit & Corporate Finance • Support of Glitnir clients in the U. Hua Yuan Shai Qiao Road Pudong.S. 00100 Helsinki • Funds • Structured products • Asset Management • Brokerage • Investment Banking • Funds • Structured products • Asset Management • Brokerage • Investment Banking Paveletskaya sq. Shanghai Norway BNbank Iceland Headquarters Canada Glitnir Canada Representative Office Halifax Sweden Glitnir AB • • • • Corporate and retail mortgage Full service bank. Glitnir Capital Corp.Glitnir Seafood Industry Report – Tuna Glitnir’s International Platform United Kingdom London Branch Luxembourg Glitnir Luxembourg Denmark Copenhagen Branch China Glitnir China Representative Office Shanghai • • • • Corporate Banking Corporate Finance Centre of Excellence Food industry Structured Finance Loan Syndication 534 Rue de Neudorf • • • Corporate Banking Centre of Excellence Real Estate Private Banking Frederiksgade 19 Copenhagen • • Leveraged Finance Corporate Finance • Opened December 2006 • 41 Lothbury London City • • Level 8. indust. Olavsplass 1. New York NY 10017 Pohjoisesplanadi 33 A. 222 East 41st Street.S. Oslo • Glitnir Factoring Kirkjusandur Reykjavik Glitnir Securities Union Group Norsk Privatøkonomi ASA • • • Hovslagargatan Stockholm The U. market Glitnir Capital Corporation. 2. CitiGroup Tower 33. Trondheim Dronningens gate 40. trad. 115054 Moscow 55 . Centre of Excellence Shipping/ Offshore supply vessels Subsidiaries: • Glitnir Bank • • • • • Corporate Banking Centres of Excellence Global seafood Sustainable energy International core customers Structured Finance Capital Markets Corporate Finance 1718 Argyle Street Halifax • • Opened April 2006 Equity Trading & Brokerage BNbank: Munkegata 21. Alesund Glitnir Securities: Haakon VII’s gate 10. bldg 3. Oslo Glitnir Bank: St.

hjaltason@glitnir.is Kristján Th.richter@glitnir.halldorsson@glitnir.is Helgi Anton Eiríksson Executive Vice President Investment Banking Direct line: +354 440 4518 Mobile: +354 844 4518 helgi.is Guðmundur Hjaltason Executive Vice President Corporate Banking Direct line: +354 440 4515 Mobile: +354 844 4515 gudmundur.nordal@glitnir.ragnarsson@glitnir.is 56 .is Ásmundur Gíslason Analyst l Seafood Direct line: +354 440 4768 Mobile: +354 844 4768 asmundur.davidsson@glitnir.is Ragnar Gudjónsson Director Corporate Banking Iceland Direct line: +354 440 4550 Mobile: +354 844 4550 ragnar.is Valdimar Halldórsson Analyst Direct line: +354 440 4638 Mobile: +354 844 4638 valdimar.gudjonsson@glitnir.440 4522 Mobile: +354 .is Hjálmur Nordal Director Corporate Banking Iceland Direct line: +354 .bjarnason@glitnir.is Alexander Richter Analyst Direct line: +354 440 4766 Mobile: +354 844 4766 alexander.Glitnir Seafood Industry Report – Tuna Glitnir Seafood Team Iceland Magnús Bjarnason Executive Vice President International Banking Direct line: +354 440 4523 Mobile: +354 844 4523 magnus. Davídsson Managing Director Corporate Banking Iceland Direct line: +354 440 4517 Mobile: +354 844 4517 kristjan.844 4522 hjalmur.is Bjarni Hjaltason Global Seafood Director Corporate Banking Direct line: +354 440 4788 Mobile: +354 844 4788 bjarni.hjaltason@glitnir.gislason@glitnir.eiriksson@glitnir.is Gudmundur Ragnarsson Senior Manager Corporate Banking Iceland Direct line: +354 440 4547 Mobile: +354 844 4547 gudmundur.

eyjolfsson@glitnir.sideris@glitnirbank. Office China Direct: +86 21 6101 0191 Mobile: +86 136 6166 1660 grace.liu@glitnirbank.logan@glitnirbank.fillmore@glitnirbank.com Ignacio Kleiman Head of Corporate Finance International Banking Direct: +1 (212) 922 0228 Mobile: +1 917 578 349 ignacio.com Natasha Sideris Associate Canada Direct line: +1 (902) 429 3115 Mobile: +1 (902) 441 9190 natasha. Office China Direct: +86 21 6101 0191 Mobile: +86 138 1807 2218 haflidi.com Hafliði Sævarsson Analyst Glitnir Rep.zhu@glitnirbank.Glitnir Seafood Industry Report – Tuna Glitnir Seafood – Regional Teams North America Jonathan Logan Managing Director North America Mobile: +1 (203) 979 5275 jonathan.saevarsson@glitnirbank.com Asia Jiang Zhu Director Glitnir Rep.com Joe Fillmore Director Canada Direct: +1 (902) 429 3114 Mobile: +1 (902) 237 2114 joe.shen@glitnir.kleiman@glitnirbank.com Grace Liu Executive Assistant Glitnir Rep.com Michael Richard Director United States Mobile: +1 (508) 878 0171 michael.com Bjartur Logi Ye Shen Analyst International Banking Direct: +354 440 4560 Mobile: +354 844 4560 bjartur.is 57 .is Eyþór Eyjólfsson Director – Japan and Ocenia International Banking Direct: +354 440 4738 Mobile: +354 844 4738 eythor.richard@glitnirbank. Office China Direct: +86 21 6101 0190 Mobile: +86 139 0161 1875 jiang.

no South America Jón Garðar Guðmundsson Managing Director Emerging Markets Direct: +354 440 4516 Mobile: +354 844 4516 jon.no Henning Lund Analyst Glitnir Securities .is Hjörtur Thor Steindórsson Credit Manager International Corporate Credit Direct: +354 440 4503 Mobile: +354 844 4503 hjortur.robertsdottir@glitnir.gudmundsson@glitnir.armannsson@glitnir.8833 5081 Mobile: +45 .no Ola Övrelid Bank Executive Glitnir Bank .Norway Direct: +47 7010 2015 Mobile: +47 – 9480 9016 kurt.Denmark Direct: +45 .oevrelid@glitnir.is Anna Rósa Róbertsdóttir Analyst Corporate Banking Direct: +354 440 4554 Mobile: +354 844 4554 anna.2201 6392 Mobile: +47 – 9117 9105 glenn.is Guðjón Sverrisson Senior Credit Manager International Banking Direct: +1 (212) 71 60 105 Mobile: + (646) 696 86 55 gudjon.Norway Direct: +47 2201 6347 Mobile: +47 9525 5839 henning.com 58 .olafsson@glitnir.Glitnir Seafood Industry Report – Tuna Glitnir Seafood – Regional Teams Europe/Nordic Kjartan Ólafsson Director Glitnir Securities .no Kristján Hjaltason Director Glitnir Bank .dk Glenn Kristiansen Director Glitnir Securities .Norway Direct: +47 2287 8613 Mobile: +47 9592 6015 kjartan.Norway Direct: +47 7010 2026 Mobile: +47 9133 6733 ola.steindorsson@glitnir.kristiansen@glitnir.5199 5081 kristjan.hjaltason@glitnir.is Sverrir Ingi Ármannsson Analyst International Banking Direct: +354 440 4528 Mobile: +354 844 4528 sverrir.kvalsvik@glitnir.no Kurt Kvalsvik Director Glitnir Bank .lund@glitnir.Norway Direct: +47 .sverrisson@glitnirbank.

UK Direct line: +44(0) 20 7710 9136 Mobile: +44(0) 788 795 4877 david.dale@glitnir.is Davíð Stefánsson Analyst Corporate Finance.sigurgeirsson@glitnir.is Stefán Eiríks Stefánsson FX Brokerage Capital Markets Direct line: +354 440 4483 Mobile: +354 844 4483 stefan.bjornsson@glitnir. Eiríksson Senior Manager Corporate Risk Advisory Direct line: +354 440 4565 Mobile: +354 844 4565 eirikur.juliusson@glitnir. Norway Direct line: +47 7011 2034 Mobile: +47 9137 6551 kyrre.spanos@glitnir.is Atli Rafn Björnsson Director Corporate Finance Direct line: +354 440 4739 Mobile: +354 844 4739 atli.jonsson@glitnir. Spanos Executive Director International Corporate Credit Direct line: +354 440 4777 Mobile: +354 844 4777 timothy.is Merete Stokke Nesdal Account Manager | Glitnir Bank Seafood Credit.uk Ingi Rafnar Júlíusson Executive Director Capital Markets Direct line: +354 440 4459 Mobile: +354 844 4459 ingi.stokke.is Kyrre Dale Credit Manager | Glitnir Bank Seafood Credit.is Eiríkur R.no 59 .vidarsson@glitnir.Glitnir Seafood Industry Report – Tuna Glitnir Seafood Team – Other Members Timothy H.is Gísli Sigurgeirsson Senior Manager International Corporate Credit Direct line: +354 440 4765 Mobile: +354 844 4765 gisli. UK Direct line: +44(0) 20 7710 9130 Mobile: +44(0) 7843 512 092 tim.nesdal@glitnir.stefansson@glitnir.owen@glitnir.stefansson@glitnir. Norway Direct line: +47 7010 2016 Mobile: +47 926 67 511 merete.co.eiriksson@glitnir.no Rúnar Jónsson FX Brokerage Capital Markets Direct line: +354 440 4489 Mobile: +354 844 4489 runar.is Snorri Arnar Vidarsson Credit Officer Corporate Banking Iceland Direct line: +354 440 4771 Mobile: +354 844 4771 snorri.is Tim Owen Executive Director Head of Corporate Finance.

is Magnús Sigurðsson. Glitnir may at any time have vested interests in individual companies.is 60 . Analyst – Glitnir Research Reykjavik: valdimar. for example as an investor.Glitnir Seafood Industry Report – Tuna Legal Disclaimer All opinions and analyses represent the views of Glitnir at the time of writing and are subject to change without notice. Analyst l Seafood – Glitnir Corporate Banking: asmundur.halldorsson@glitnir. based on publicly available information on the company in question. but its opinions and analyses are produced independently by the Glitnir Research division. Analyst l Cross Border Accounts – Glitnir CB: magnus.is Valdimar Halldórsson.sigurdss@glitnir. Glitnir and its employees cannot be held responsible for any trading conducted on the basis of the information and views presented here. This Seafood Industry Report was written by Ásmundur Gíslason.gislason@glitnir. creditor or service provider.

Glitnir Seafood Industry Report – Tuna www.glitnir.is/seafood 61 .

Sign up to vote on this title
UsefulNot useful