Prince Edward Island Fishermen's Assoc.

PEI FISHERMEN'S ASSOCIATION - News Release – Monday April 30, 2012

Island Fishers Expecting Strong Prices for Spring Season Start

Lobster fishers on Prince Edward Island are expecting strong prices for the upcoming Spring lobster season.

These expectations are related to low lobster inventories and increasing demand in the US Market. The US economy has improved since last year which saw Spring season prices end in the $5.00 per pound range. European demand remains steady particularly for the smaller “canner” lobster, 80% which is caught on PEI.

Inventories of Nova Scotia lobster are very low despite large winter catches. The strength of the caught lobsters was not conducive to long term live storage.

According to PEIFA President Mike McGeoghegan “This is a pivotal year for harvesters on PEI. This is a year when fishers need to be able to not just cover costs but have additional income so that equipment repairs and upgrades can be made. Many of these items have been delayed in the past few years.”
“Bait and fuel costs continue to escalate. On lobster sales alone, our Fishery contributes 80+M per year to the PEI economy. 1300 independent fishing businesses buy goods and services in their local communities. It is critical for the PEI economy that strong prices are paid.”

In addition, there are reports are that several new buyers will be coming to PEI this year which should further increase demand for product and competition on the wharf.

Although the season start has been delayed slightly, PEI fishers are currently assessing their options to ensure that fair prices are received for their product this Spring.

For more information please contact Mike McGeoghegan at (902) 394-3510 or Ian MacPherson at (902) 394-0457