Three large Icelandic fishing companies, Samherji, Brim and HB Grandi, have reached an agreement with the Russian government to rent cod quota in the Barents Sea to counteract the cut in the Icelandic cod quota.
According to Kristján Vilhelmsson, manager of Samherji’s fisheries department, this move was necessary to prevent the fishing companies from losing revenue, ruv.is reports.
Vilhelmson added that Icelandic fishing companies have been invited to rent a portion of the Russian cod quota on earlier occasions, but had never accepted such offers before.
Vilhemsson said renting quota is risky business but is optimistic that the risk will pay off because the current price of cod in foreign markets is skyrocketing.
Together the three fishing companies are renting a 1,400-ton quota, of which Samherji has 711 tons. The companies are permitted to catch an additional 2,000 tons of cod in the Russian fishing zone, to which Icelandic ships were already entitled.