Grieg Seafood’s Q3 2024 harvest volumes highlight ongoing challenges in British Columbia
Grieg Seafood reported a mixed performance for the third quarter of 2024, with a total harvest of 17,700 tonnes gutted weight (GWT), a significant 45% increase compared to Q3 2023.
While regions such as Rogaland and Finnmark showed strong recovery, British Columbia continues to face severe operational challenges.
British Columbia Struggles Persist
Grieg’s British Columbia operations harvested 3,200 tonnes in Q3 2024, down 48% from 6,100 tonnes in the same quarter last year. This drop follows a tough second quarter, in which the company reported significant operational losses.
In Q2 2024, Grieg faced the lowest dissolved oxygen (DO) levels seen in decades, combined with algal blooms, which led to higher mortality rates and reduced feeding days. These environmental conditions severely impacted fish growth, resulting in a Q2 operating loss in British Columbia of NOK 230-250 million ($21.6-23.5 million), as outlined in their Q2 report.
The Q2 harvest volume in British Columbia was already 1,500 tonnes below guidance, and these issues appear to have persisted into Q3, contributing to the ongoing decline in production.
Uncertainty in Canada
Further complicating matters is the uncertainty around the future of open net-pen salmon farming in British Columbia. The federal government has announced plans to transition Atlantic salmon aquaculture to closed containment by 2029, which could phase out open net-pen farming.
Breaking: Canada unveils plan to phase out open net-pen salmon farming in British Columbia
As a result, Grieg has suspended strategic investments in the region, further limiting potential growth.
