Westfjordian fishing company to sell quota Skip to content

Westfjordian fishing company to sell quota

Kambur hf., a fishing company in Flateyri (pop. 350) in Iceland’s Westfjords, was involved in negotiations this week aiming at selling a large share of its fishing allowances and some of its fishing vessels.

According to Morgunbladid, the fishing company Brim hf., owned by Gudmundur Kristjánsson in Rif on the Snaefellsnes peninsula, may be interested in buying quota from Kambur along with other parties.

Kambur owns a quota of more than 3,000 tons of cod-equivalents, which is worth about ISK 7 billion (USD 111 million, EUR 88 million).

About 120 people are employed by Kambur, 50 of which are fishermen, and the fishing company is the main employer in Flateyri. It is not clear how many would lose their jobs if Kambur sells its quota.

Hinrik Kristjánsson, Kambur’s main owner, would not comment on the situation.

The currency of the Icelandic króna has been strengthened by 20 percent since January 1, which is unfavorable for Kambur, in addition to the high policy rate set by Iceland’s Central Bank, which has remained at 14.25 points since late December last year.

“This is very serious news. I have feared for a long time that this policy rate set by the Central Bank would lead to all fishing operations along Iceland’s coast becoming defunct,” Einar Oddur Kristjánsson, an MP and a Flateyri resident, told Morgunbladid.

“The currency of the króna has reached a point where production for export cannot continue. It is apparent to every child. Terribly serious things are happening here,” Kristjánsson concluded.

Click here to read more about the Westfjords and fishing quota.

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