Significant decrease in demand.
Undercurrent News reports that Legend Holdings subsidiary Agri-Joyvio said it expects full-year losses of USD 111 million to USD 121 million for 2020, due to a significant decrease in seafood demand and salmon prices during COVID-19.
Last November Legend Holdings subsidiary Joyvio Group injected USD 62.2 million into Agri-Joyvio, the owner of Australis Seafoods. Joyvio completed its deal for the USD 920 million takeover of the Chilean salmon farmer in 2019.
With a considerable rise in frozen stock over the past year, Chilean frozen salmon, especially towards markets in Asia and Russia, is being sold at significantly lower prices.