Global Market Analysis for Atlantic Cod

Cod fishing in Greenland continues to be conducted in the traditional manner, although innovative techniques are being considered, potentially improving the financial situation for the local cod fishermen. Currently, the Greenlandic coastal cod fishery is relatively small, yielding approximately 10,500 tons annually. This is less than half of the catch recorded during the 1960s and 1980s. Following these periods, cod nearly vanished from Greenland. The cause of this is still disputed among biologists, but the most accepted theory is that it was due to a combination of extensive fishing over several years and decreasing sea temperatures, causing the fish to migrate to warmer southern waters. However, as the waters around Greenland are warming up again, cod are returning and moving north along the West Greenland coast, possibly in pursuit of their preferred food sources, cold water prawns and capelin. The unique method of cod fishing in Greenland primarily involves the use of traps from May to September, accounting for 90% of the catch. The remaining 10% is caught using line catch, jigging, and set nets. The trap fishery method, introduced in the 1950s, quickly gained popularity due to its speed, selectivity, and low investment requirements. This led to significant job creation in both fishing and land-based production, contributing to the Greenlandic economy. Today, the Greenlandic trap fishery for cod is the only known commercial operation of its kind. A cod trap is essentially a net enclosure anchored to the seabed or shore in a relatively shallow fjord. Fish can enter the enclosure but cannot escape. The trap is usually left overnight, and in the morning, the fisherman and a few helpers draw part of the net in, reducing the size of the enclosure. They then scoop the fish onboard using a handheld net. The live fish are sorted onboard, with undersized fish and non-target species being released. The large enough cod are immediately bled and cleaned before being iced and stored in the cargo hold. The cod is then delivered directly to one of Royal Greenland's facilities for processing or shipping to other locations. The trap fishery method provides high-quality cod while being selective and fuel-efficient. However, it is labor-intensive and physically demanding for the fishermen. Each fisherman can only manage 1-2 traps and requires assistance to empty them. This results in the fishery around Nuuk, Greenland's largest city, consisting of approximately 70 small dinghies and around 25 smaller cutters (25-64 feet). The future of Greenlandic cod fishing is expected to see consolidation, possibly through the use of a pump/suction system for emptying the traps. This would be less physically demanding and require fewer people, allowing each fisherman to manage more traps and catch more cod per person, thereby improving their livelihood. The Greenlandic coastal cod quota has gradually increased from a trial-based quota of 9,000 tons in 2009 to 15,000 tons in 2013, and it is expected to remain at this level in 2014. The fishery is closely monitored by biologists from The Greenlandic Institute of Natural Resources.