Prince Edward Island Fishermen's Assoc.

News Release - For immediate release April 12, 2013

P.E.I. lobster fishers anticipate higher price

Fishers in P.E.I. are forecasting a minimum shore price of $6.50 per pound for canner lobsters and $7 for the larger market lobsters in the coming spring lobster season to open May 1 according to a news release from the P.E.I. Fishermen’s Association.

The price this week in Nova Scotia is $8 dollars per pound stated P.E.I.F A. president Mike McGeoghegan. The price usually drops with the new supply at the opening of the Spring fishery but historically it does not usually fall more than 20% from the winter price he said.

The price paid for market size lobster has been $8 per pound in Nova Scotia for the month of March according to the weekly fish price report published by the P.E.I. Department of Fisheries, Aquaculture and Rural Development. The price reached $10.00 per pound at one point of the 2013 Winter fishery.

The lobster price has been mainly trending upward since January of 2012 said McGeoghegan and is expected to slightly exceed the price of $6.50 per pound paid for markets in 2007.
There have been lower prices and short term extreme dips in the period since 2007. Prices reached a low point of $2.75 for canners in 2009 and hit another extreme low point of $2.50 for canners and $2.75 for markets in the fall fishery of 2012 as recorded in the P.E.I. government’s weekly fish price report.

The current price of lobster in the Nova Scotia winter season fishery probably reflects a strengthening economy in the United States which is the key market historically said McGeoghegan.

The P.E.I. Fishermen’s Association has been working with the government of P.E.I. to grow new markets in Asia and especially in China to expand the total volume of lobster exported.

We feel China will become another key market in future and growth in demand there will have a positive impact on lobster prices in North America and Europe in the future said McGeoghegan.
For more information: Contact Mike McGeoghegan (902) 659-2264 or Bobby Jenkins (902) 969-8995.

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