“The salmon price when we started out was considerably lower than it is today - at that point we were looking at a 150% premium - but we’ve kept our price very stable for several reasons,” explained chief financial officer Karl Oystein Oyehaug. “Of course, this project will cost much more, so we will be seeking more funding – hence the IPO.” “In the current phase we are well funded for the planning phase we raised €50 million over the past two years, which allows us to go full speed ahead on acquiring a project organization and hiring people,” he told listeners. Only the building permit remains, but Giskeodegard said Columbi should be obtaining this by early Q4, allowing construction to commence before the end of the year. Now, Columbi has secured the necessary 16-hectare plot in Oostende for the phase one site, as well as most of the necessary permits. ![]() The company was founded by eight members of the financial, technology and aquaculture sectors on Mathe very week that COVID prompted lockdowns across Europe. In order to raise the necessary funding to begin building the planned 12,000-15,000 metric ton capacity first phase, Columbi plans to launch an initial public offering (IPO) either at the end of this year or early in 2023, he said, though he did not specify the intended stock exchange. Smith said cod can easily be substituted for pollock or pangasius in many products. In an earlier presentation, Simon Smith, CEO of Young’s Seafood, asked if UK consumers are falling out of love with cod. ![]() There’s a concern in the sector that consumers who started cooking more seafood at home during the pandemic are being put off by the rising prices, he said. ![]() Then, there was a decline in clipfish consumption in Portugal in Q1 (see below).Īlthough the high prices are likely a factor, this could also be “caused by the opening up of restaurants and people eating more outside of the home”, said Jensen. Jensen highlighted the record raw material prices for cod and haddock, which are being driven by the salted fish sectors in Portugal, Spain and Italy. “The big question is, is this a new price paradigm, or are the prices driven by temporary matters? Will the prices go back, or will they stay? Is cod the new salmon? And is Alaska pollock the new cod?” asked Jensen.
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