Company projects Q3 harvest volumes to reach approximately 1,600 tons HOG, with increasing harvest weights.
Leading land-based salmon farmer Salmon Evolution achieved an all-time high harvest volume and strong price realization in the second quarter of 2024, the company announced in its latest operational update.
In Q2 2024, Salmon Evolution harvested 1,581 tons HOG (head-on gutted), setting a new record for the company. The all-in price realization for this period was NOK 106 per kilogram ($10.07/€9.22), driven by continued strong demand.
The company maintained a superior grade share of 96%. By the end of the quarter, the standing biomass was 2,032 tons LW (live weight). Looking ahead, the company expects harvest volumes to reach approximately 1,600 tonnes HOG in Q3 2024.
“The second quarter represents a major milestone for Salmon Evolution, with harvest volumes at all-time high levels in a record strong salmon market. We are very pleased to see a continued excellent superior grade share of 96%, resulting in solid price realization and further demonstrating the potential in our business,” said CEO Trond Håkon Schaug-Pettersen.
Operationally, the company experienced a net biomass growth of 1,261 tons LW during the quarter, despite culling Batch 11 in May due to poor smolt quality. Efforts are now focused on restocking the facility to ensure robust growth in the second half of 2024.
Initial performance of Batch 12, which was stocked in mid-May, showed increased daily mortality levels in recent weeks, with an accumulated mortality of 4% as of June 30. Corrective actions are being taken to normalize this situation.
Batch 13, stocked in late June, is demonstrating strong performance with minimal mortality and growth already ahead of plan. Additionally, three more batches are planned for stocking during Q3. Overall, mortality rates remained low, with groups harvested in Q2 experiencing an accumulated mortality of 3.0-4.6%.
Market performance
In terms of market performance, Salmon Evolution capitalized on very strong salmon prices in Q2, achieving an all-in price realization of NOK 106 per kilogram ($10.07/€9.22). Despite a weaker market in June, which saw the harvesting of approximately 500 tons HOG, the average weight of harvested fish was around 3.6 kg LW, down from 4.6 kg LW in Q1.
This decrease was due to opportunistic harvesting in April and May amid record high salmon prices. The company projects Q3 harvest volumes to reach approximately 1,600 tons HOG, with increasing harvest weights.
