Glitnir Seafood Industry Report - Tuna B

Glitnir Seafood Team
Tuna
Seafood Industry
Report
August 2007
Glitnir Seafood Industry Report – Tuna
Contents
• Foreword and Report’s Main Findings .............................................. 3–4
• Tuna Overview ............................................................................. 5
• The Tuna Industry

1) Global Tuna Supply ........................................................... 6 - 26
2) Tuna Processing ................................................................ 27 – 30
3) Tuna Market – Trade and Prices .......................................... 31 - 39
4) Tuna Consumption ............................................................ 40 - 44
• Case Study: Tuna Farming ……........................................................ 45 - 50
• Glitnir Seafood Stockwatch ............................................................ 51 - 53
• Glitnir – General Information ......................................................... 54 - 59
2
Foreword
Dear Reader,
It is our pleasure to present this new issue of Glitnir’s Seafood Industry Report. In this report we change our
viewpoint of focusing on the seafood industry of different countries and instead focus on the global tuna industry.
We are now in our fourth year of publication and are grateful for the good feedback we have received from our
industry partners. This is the fourth Seafood Industry Report issued this year and we will issue 3 other reports
during the year.
In terms of international trade, tuna is one of the most important fisheries species. Total export value of fisheries
products amounted to USD 72 billion in 2004, whereof tuna accounted for USD 5.5 billion (7.6%). The three
bluefin species are most valuable in terms of value per kilogram harvested, supply of these species is also the
least or about 60,000 MT annually. This report gives an analytical overview over the global tuna value chain, its
current situation and our evaluation of likely developments and future trends. At the end is a case study which
focuses on tuna farming.
We trust you find this report of benefit. We at Glitnir are proud of our strong team of seafood industry experts
and look forward to working with you in our quest to make the seafood industry even more dynamic, efficient
and profitable.
You can contact the seafood team via seafood@glitnir.is and www.glitnir.is/seafood.
Best regards,
3
Main Findings
• Tuna is the fourth largest fisheries product in terms international trade

• The bluefin tunas are the most valuable tuna species in terms of value per kilo harvested
• Yellowfin and skipjack accounted for 84% of the total 4.3 million MT caught tuna supply in 2005
• The global caught tuna supply is stagnant and an increase in catches is not foreseeable
• Concerns regarding stock condition of albacore, Atlantic bluefin and bigeye exists in the Atlantic and the
Pacific ocean, in general tuna stocks are considered to be fully exploited
• Tuna farming in Spain, Australia, Mexico and Croatia is emerging and currently around 0.5% of the total
global supply comes from aquaculture
• Development of the larval technology is crucial for tuna farming to be able to grow and to become truly
sustainable
• Atlantic, Pacific and Southern bluefin are the main species utilized for farming
• Demand for fresh tuna has increased while demand for canned tuna is falling
• The US, Europe and Japan are the main tuna markets
• World tuna consumption has stagnated and is currently estimated to be 0.45 kg/year/capita
• Spain is the single largest country in tuna consumption with 3.3 kg/year/capita
4
Tuna Overview
• Tuna are several species from the family of
Scombridaes, mostly in the genus Thunnus
• Tunas are very fast swimmers and are considered to
be able to reach up to 75km/h (46mph)
Principal Market Tunas
• The main species of tuna can migrate great distances % of total catch (volume)
within and between the world’s oceans
Skipjack 54.0
• Tuna is one of the most economically important group
of fish species Yellowfin 30.4
• Approximately forty tuna species are known in the Bigeye 9.4
Atlantic, Indian and Pacific Oceans and in the
Mediterranean Sea Albacore 4.9
• Seven principal market tuna species are identified: Atlantic Bluefin 0.8
albacore, Atlantic bluefin, bigeye, Pacific bluefin,
Southern Bluefin 0.4
southern bluefin, yellowfin and skipjack
• The principal market tuna species are most important Pacific Bluefin 0.1
from catch-weight and economical view points
Total 100%
• Among the principal market tuna species skipjack and
yellowfin represent the largest share of total catch,
84.4%
• Main fishing methods are pole and line, long-line
fishing, trolling, and some purse seining
Source: FAO FIGIS online; Globefish 5

1) Global Tuna Supply
Global Supply Processing Tuna Market Consumption

Catch / Aquaculture Primary / Secondary Trade / Price Trends / Species
6
Tuna catch in comparison with other species

• Peruvian anchovy is the single most caught fish species in the world and in 2005 the catch was 10.2 million
metric tones (MT)
• Skipjack tuna and the yellowfin tuna are the most caught tuna species and in 2005 the catch was 2.3 and 1.3
million MT, respectively
• In the North Atlantic, the single most caught species in 2005 was Atlantic herring (2.3 million MT) followed by
blue whiting (2.1 million MT)
Catch – Tuna in comparison with other species 2000–2005

12 ,0 0 0
10 ,0 0 0
8 ,0 0 0
MT ‘000
6 ,0 0 0
4 ,0 0 0
2 ,0 0 0
0
P e ruv ia n A la s k a Skipjack
S k ipja c k C a pe lin A t la nt ic B lue whit ing A t la nt ic Y e llo wf in
Yellowfin
a nc ho v y po llo c k tuna
t una he rring co d Ttuna
una
2000 2001 2002 2003 2004 2005

Source: FAO FIGIS online 2007, Statistics Iceland 7
Tuna catch remains high

• Industrial tuna fisheries started as a result of increased demand during the 1940s and 1950s
• In 2005 the total catch of the seven principal market tuna species, was 4.3 million MT, 2.6% higher than the year
before
• Concerns of a drop in catches in coming years due to a drop in spawning stocks and over-fishing prevail
• Skipjack tuna represented 54% of total tuna catch in 2005, followed by yellowfin tuna (30%) and bigeye tuna (9%)
• Around 65% of the global tuna catch is caught in the Pacific ocean, 23% in Indian waters and 12% in the Atlantic
Ocean
• Tuna farming in 2005 was almost 23,000 MT, which accounted for 0.5% of total supply
Global Tuna Catch 1950-2005

5
4
MT million
0
1950
1970
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
Source: FAO FIGIS online 2007 8
Tuna stock exploitation by fishing area

• According to FAO, Atlantic bluefin and Southern Bluefin are in a depleting condition in the West Atlantic
Ocean and in the Southern Ocean, respectively
Principal Market Tuna Species – State of Stocks
Atlantic Pacific Southern

Albacore Yellowfin Skipjack Bigeye
Bluefin Bluefin Bluefin
Atlantic - - - - F - F
Atlantic: south M - - - - - -
Atlantic: north O - - - - - -
Atlantic Med. N O - - - - -
Atlantic: east - - - - - N -
Atlantic: west - D - - - N -
Pacific - - F - - - -
Pacific: south M - - - - - -
Pacific: north F - - - - - -
Pacific: west - - - - F-O M O
Pacific: east - - - - F M O
Indian Ocean F - - - F M-F F
Southern Ocean - - - D - - -
N Not known M Moderately exploited F Fully exploited O Overexploited D Depleted

Source: FAO 9
Uncertain stock condition
• In general, the state of global exploitation of world marine fish stocks has remained relatively stable over the past
10–15 years
• In 2005 around 23% of the fish stocks monitored by the Food and Agriculture Organization of the United Nations
(FAO) was underexploited or moderately exploited, 52% was fully exploited and 25% was overexploited or
depleted
• Two of the three main tuna species; yellowfin and bigeye are moderately, fully or overexploited
• Further increases in catch of the seven principal tuna market species are not expected and in some cases catches
might be limited to current levels in order to maintain stock size that gives maximum sustainable yield (MSY)
• Skipjack in the Indian Ocean and the Pacific Ocean, and Albacore in the South Pacific Ocean are the only tuna
stocks with potential for an increase in catches
• Bigeye and yellowfin are prevalent by catch in skipjack fisheries, and, therefore, increased fishing effort for
skipjack is not preferable
• Difficulties are associated with the assessment of tuna stocks (especially Pacific bluefin and Southern bluefin)
because of wide geographical distribution and the fact that the stocks are exploited by many nations
• Current information regarding the stock size and conditions of the principal tuna market species is considered to
be insufficient; collection of additional data and improved measurement methods are there for essential
Source: FAO 10
1.1) Principal market tuna species
11
Skipjack tuna
• In 2005, catches of skipjack (Katsuwonus pelamis) were 2,306,000 MT, a 10.5% increase from the year
before
• Catches have been trending upwards since 1995 and the average catch for the period is 1,912,000 MT
• Two stocks are assumed to exist in the Atlantic Ocean and one in the Indian Ocean. In the Pacific Ocean
either a single stock with isolated subgroups or two or more separate stocks exist
• Skipjack is an important tuna species both commercially and as game fish
• The average weight and length of skipjack is 3kg and 35cm, although they can weigh up to 18kg
Global Catch - Skipjack Tuna 1995-2005
2,500
2,000
MT '000
1,500
2,306
2,161 2,087
1,000 1,894 1,965 1,957 1,824 2,023
1,645 1,570 1,601
500
0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Source: FAO FIGIS online 2007 (latest data for 2005), FAO, www.atuna.com 12
Japan main fishing nation of skipjack tuna

• Japan, Indonesia, Korea and Taiwan are the main fishing nations with 293,087 MT, 235,140 MT,
171,641 MT and 170,320 MT respectively, in 2005
• The main markets for skipjack tuna are Japan (sashimi), Western-Europe and the US
Leading fishing countries - Skipjack 2004-2005

350,000
300,000
250,000
200,000
MT
150,000
100,000
50,000
0
ea
o
r
a
s
an
n.
n
a
n
le
ic
in
am
ai
pa
ad
or
w
ex
el
Ch
p
d
Ja
an
S
K
In
ch
Ta
M
Ec
P
ey
Skipjack tuna 2004 S
Skipjack tuna 2005
Source: FAO FIGIS online 2007 (latest data for 2005) 13

Yellowfin tuna
• In 2005, total catches of Yellowfin (Thunnus albacares) were 1,296,000 MT, 2.1% lower than the year
before
• Catches have been slightly upward trending since 1995 and the average catch for the period 1995–2005 is
1,241,000 MT
• Yellowfin is found in open waters of the Atlantic, Indian and the Pacific Oceans, yellowfin does not exist in
the Mediterranean Sea
• Yellowfin can reach a length of 240cm and weigh up to 200kg
Global Catch - Yellowfin tuna 1995-2005
1,600
1,400
1,200
MT '000
1,000
800
1,437
1,336 1,349 1,324 1,296
600 1,165 1,210 1,211 1,186
1,072 1,064
400
200
0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Source: FAO FIGIS online 2007 (latest data for 2005), FAO 14
Mexico main fishing nation of yellowfin

• Mexico, Taiwan, the Philippines and Spain are the main fishing nations with 143,184 MT, 122,001 MT,
95,596 MT, and 92,279 MT respectively in 2005
• The main markets for yellowfin are Japan, Western Europe and the US
Leading fishing countries - Yellowfin Tuna 2005-2004
160,000
140,000
120,000
100,000
MT
80,000
60,000
40,000
20,000
0
n
s
a
a
a
an
a
s
o
r
ne
do
lle
in
si
ai
pa
re
m
ic
iw
ne
ex
Sp
Ch
na
Ko
pi
ua
he
Ja
Ta
do
p
M
Pa
Ec
yc
ili
In
Se
Ph
Yellowfin tuna 2004 Yellowfin tuna 2005
Bigeye tuna
• In 2005, catches of bigeye tuna (Thunnus obesus) were 403,000 MT, 8.8% lower than the year before
• Catches peaked in 1999 at 449,000 MT but have been coming down since that time, the average catch for
the period 1995–2005 is 425,000 MT
• One single stock of bigeye is assumed to exist in the Atlantic Ocean and another one in the Indian Ocean,
two stocks are assumed to exist in the Pacific Ocean
• Bigeye has high fat content and is therefore preferred by discriminating sashimi buyers
• The average weight and length of bigeye is 15-20kg and 90cm, respectively
Global Catch - Bigeye Tuna 1995-2005
500
400
MT '000
300
423 434 449 447 424 456 442

200 394 392 412 403
100
0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Taiwan main fishing nation of bigeye tuna

• Japan, Taiwan and Indonesia are the leading fishing nations of bigeye with 76,961 MT, 73,737 MT and
35,905 MT respectively, in 2005
• Japan is the main market for bigeye tuna
Leading fishing countries - Bigeye Tuna 2004-2005
140,000
120,000
100,000
MT
80,000
60,000
40,000
20,000
r
ia
A
an
s
n
le
re
in
am
ai
pa
S
s
ad
w
el
ne
h
p
o
Ja
i
an
C
S
ch
Ta
Ec
d
ey
In
S
Bigeye Tuna 2004 Bigeye Tuna 2005
Albacore tuna
• In 2005, total catches of albacore (Thunnus alalunga) were 209,000 MT, 15% lower than the year
before, the average catch for the period 1995–2005 is 224,000 MT
• In general three stocks of albacore are assumed to exist in the Atlantic Ocean; the northern and
southern stocks (seperated at °5 N) and a Mediterranean stock
• Two seperate albacore stocks live in the Pacfic Ocean, one in the north and one in the south. One
single stock is also assumed to exist in the Indian Ocean
• Around 40% of total catches comes from the Northern Pacific, 27% from the Southern Pacific, 25%
from the Atlantic Ocean and 8% from the Indian Ocean
• The lengthe of albacore can measure up to 140cm and their weight extend to 60kg
Global Catch - Albacore tuna 1995-2005
300
250
MT '000
200
150
253 240 246
219 229 215 232 222
100 195 201 209
50
0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Japan the leading fishing nation of albacore tuna

• Japan, Taiwan and the US are the leading fishing nations of Albacore and in 2005 catches of these nations
accounted for 46% of the total catch
• The three main fishing nations reduced their catches in 2005 compared to the year before. Spain, France
and Korea were the only nations that increased catches
• Most of the catch is used for producing “white meat” canned tuna
Leading - Albacore fishing countries 2004-2005

70,000
60,000
50,000
40,000
MT
30,000
20,000
10,000
0
S
n
an
na
n
ce
a
ia
ia
U
ad
ai
e
pa
es
es
an
hi
or
w
Sp
e
an
Ja
yn
i
C
Th
K
Fr
Ta
do
C
ol
In
Source: FAO FIGIS online 2007 (latest data for 2005), FAO
2004 2005
19
Atlantic bluefin tuna

• In 2005, total catches of Atlantic bluefin (Thunnus thynnus) were 35,740 MT, 8.5% lower than the year
before, the average catch for the period 1995–2005 is 40,500 MT
• Atlantic bluefin is the slowest growing tuna species and it can live for up to 25 years
• Atlantic bluefin is know for its widespread migrations, its habitats are in the Atlantic and Pacific Oceans
• Around 40% of the total catches come from the North-West Pacific, 60% from the Atlantic Ocean (including
35% from the Mediterranean)
• Improved research on the Atlantic bluefin stock is considered to be necessary to improve fisheries control
• The Atlantic bluefin stock is under threat from overexploitation
• Avereage catch weight is about 7kg
Global Catch - Bluefin tuna 1995-2005
60
50
MT '000
40
30
49.2 52.7 49.4
20 42.4 39.1
35.6 36.3 36.4 35.6 35.7
32.8
10
0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Spain leads the way in Atlantic bluefin aquaculture

• Spain and Croatia are the leaders in Atlantic Bluefin aquaculture (fattening) with around 3,400 MT each in
2005
• Spain has the longest history of Atlantic Bluefin aquaculture, extending back to 1985, other countries have
a much shorter history
• The total value of Atlantic bluefin farming in 2004 and 2005 was USD 131 million and USD 87 million
respectively
• In 2005, Atlantic bluefin accounted for 33% of total global tuna aquaculture, in 2004 its share was 43%
Atlantic Bluefin - Aquaculture (volume) Atlantic Bluefin - Aquaculture (value)
10,000 125,000
8,000 100,000
USD '000
6,000 75,000
MT
4,000 50,000
2,000 25,000
0 0
Spain Croatia Tunisia Cyprus Italy Spain Croatia Tunisia Cyprus Italy
2005 2004 2003 2002 2005 2004 2003 2002
Pacific bluefin tuna

• In 2005, total catches of Pacific bluefin (Thunnus orientalis) were 4,400 MT, 6% lower than the year before
• Catches of Pacific bluefin have varied substantially between years; the average catch for the period
1995–2005 is 10,000 MT
• Pacific bluefin spawn in the Western Pacific, then migrate over 11,112km to the Eastern Pacific, and
eventually return to the West to spawn again
• According to FAO a single stock of Pacific bluefin has been assumed to exist in the Pacific Ocean. Tagging
studdies have shown that substantial exchange of fish between the Eastern and Western Pacific Oceans exists
• Pacific bluefin can reach an age of 30 years, extend up to 3m in length and weigh up to 550kg
• Japan, Taiwan and Mexico are the main fishing nations with 1,780 MT, 1,368 MT and 996 MT respecitvely
in 2005
Global Catch - Pacifc Bluefin tuna 1995-2005
18
16
14
MT '000
12
10
8 16.1 16.8 16.2
6 11.0
9.1 9.1
4 7.3 7.6 8.2
2 4.7 4.4
0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Mexico leads the way in Pacific bluefin aquaculture
• Mexico is the only country involved in M e xic o - P a c if ic B lue f in A qua c ult ure 2 0 0 4 - 2 0 0 5
aquaculture of pacific bluefin 10 .0 0 0

• In 2001–2003 aquaculture of Pacific bluefin in
Mexico totalled around 500 MT annually 7 .8 6 9
8 .0 0 0
• In 2004 the production jumped to 4,193 MT
and in 2005 the production further increased 6 .0 0 0
to 7,869 MT
MT
4 .19 3
• The total value in 2004 and 2005 was USD 58 4 .0 0 0
million and USD 120 million, respectively
• Farming of pacific bluefin represented 34% of 2 .0 0 0

total farmed tuna in 2005 5 17
2003 2004 2005
Southern bluefin tuna

• In 2005, catches of Southern Bluefin (Thunnus maccoyii) totalled 16,000 MT, a 8.8% increase from the
year before
• Catches have been trending downwards since peaking in 1999 although a slight increase occurred in 2005.
The average catch for the period 1995–2005 is 15,800 MT
• Southern bluefin is found in open southern hemisphere waters of all the world’s oceans
• Southern bluefin reach a length up to 2.5m and weight up to 400kg and is therefore one of the largest
bony fishes
• Japan, Australia and Indonesia are the main fishing nations with 7,344 MT, 5,535 MT and 1,831 MT
respectively, in 2005
Global Catch - Southern Bluefin Tuna 1995-2005
25
20
MT '000
15
10 19.6
16.2 17.2 17.5 16.0
13.8 15.0 15.2 15.4 14.7
13.5
5
0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Australia leading the way in southern bluefin

aquaculture
• Australia is the only active country in farming of southern bluefin. The production peaked in 2004 at 9,558
MT but fell down to 7,458 MT in 2005
• The total value of the Australian production in 2004 and 2005 was USD 179 million and USD 107 million,
respectively
• Farming of southern bluefin is one of the most valuable sector of the South Australian aquaculture industry
• The majority of the Australian farmed southern bluefin supply is serving the Japanese sashimi market
Australia - Aquaculture on Southern Bluefin Tuna
12,000
10,000
8,000 9,558
MT
7,763
6,000 7,458
4,000
3,889 4,011
2,000
1,927 2,013 2,089 2,649
1,652 1,373
0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Source: FAO online 2007 (latest data for 2005), Forbes, PIRSA 25
Catch of principle market tuna species in 2005

Japan 2005 (MT ‘000) %* Taiwan 2005 (MT ‘000) %* Indonesia 2005 (MT ‘000) %*
Albacore tuna 45.8 21,9% Albacore tuna 39.9 19,0% Albacore tuna 19.8 9,4%
Skipjack tuna 293.1 12,7% Skipjack tuna 170.3 7,3% Skipjack tuna 235.1 10,1%
Yellowfin tuna 69.7 5,3% Yellowfin tuna 122.0 9,4% Yellowfin tuna 65.9 5,0%
Bigeye tuna 77.0 19,1% Bigeye tuna 73.7 18,2% Bigeye tuna 35.9 8,9%
Bluefin all 12.7 22,6% Bluefin all 2.6 4,6% Bluefin all - -
Spain 2005 (MT ‘000) %* China 2005 (MT ‘000) %* Seychelles 2005 (MT ‘000) %*
Albacore tuna 20.4 9,7% Albacore tuna 5.3 2,5% Albacore tuna 0.1 0,04%
Bluefin all 9.0 16,0% Bluefin all - - Bluefin all - -
Korea 2005 (MT ‘000) %* Ecuador 2005 (MT ‘000) %* Mexico 2005 (MT ‘000) %*
Albacore tuna 2.9 1,4% Albacore tuna - - Albacore tuna 0.1 0,04%
Bluefin all 1.0 1,7% Bluefin all - - Bluefin all 8.9 15,8%
Source: FAO FIGIS online 2007, *% of total catch in 2005 26

2) Processing
Supply of Raw
Processing Tuna Market Consumption
Materials
Primary / Secondary Trade / Price Trends / Species
Catch / Aquaculture
27
Tuna processing
• The main internationally traded tuna forms are:
– raw material for canning

– pre-cooked loins for canning or frozen products
– tuna for direct consumption (sashimi)
– canned tuna
– smoked and dried tuna
• The two main types of processing are sashimi in terms of value and canning in term of quantity
• Tuna is also a popular value-added product, e.g. in tuna salads, tuna in a pouch, tuna steaks, tuna paste
and tuna burgers
• Skipjack tuna and yellowfin tuna account for 84% of the world catch and 70% of the global catches are
used in canning
• Tunas that are not acceptable for sashimi are sold in the steak market, mainly the EU and the US. The line
between sashimi-quality and steak-quality tuna varies with the state of the market, depending on the level
of demand
• Estimated production of canned tuna in 2006 is between 1.6 and 2.0 million MT
Source: Globefish; FAO, Glitnir Research 28

Canning dominates in terms of quantity

• The main species utilized for canning are skipjack yellowfin The Processing Chain for Canned tuna
and albacore
Capture
• Around 70% of skipjack and yellowfin utilized for canning
which in 2005 accounted for about 2.5 million MT
• Because of the colour of the meat, canned skipjack tuna Thawing
and Yellowfin Tuna are also known as “light meat tuna”,
while canned albacore Tuna is also known as “white meat” Gilling, Gutting, Heading
tuna
• Canned tuna products are packed in oil, brine, spring water
Freezing
or sauce
• The main importers of canned tuna are the US, UK and
France Pre-cooking
Loining
Canning
Retort cooking
Cooling labelling and

packing for distribution
Source: Globefish 29
The value lies in sashimi processing

• The sashimi market requires the use of larger species, such as bluefins (ensuring the premium sashimi)
bigeye and yellowfin
• Sashimi originates from fresh raw tuna meat, or from tuna frozen at -40° immediately after harvest
• In terms of capture methods, tuna for the premium sashimi market is generally caught by long-lines, which
ensure the best handling of the fish
• Sashimi is typically served in small slices, dipped in soy sauce or occasionally mixed with wasabi (Japanese
horse radish) and consumed raw
• Different sashimi cuts from different species have various market values, depending on fat contents: the
higher the fat content, the lighter the colour and the more valued the sashimi will be
• The best sashimi comes from toro, the peripheral layer of the fish belly with a fat content of about 25%
• Tuna for sashimi utilization is graded according to:
– Species
– Capture method
– Fat contents
– Aesthetic characteristics
Source: Globefish, FAO 30

3) Tuna Market – Trade and Prices
Supply of Raw
Materials
Catch / Aquaculture
31
Tuna ranks number four in export value

• Total export value of fisheries products amounted to USD 72 billion in
2004, whereof tuna accounted for 7.6% Export of top 4 fisheries products
• The top 4 fisheries products accounted for 43% of total export value Value (USD billion)
• Capture supply is dominating the global trade
Shrimp 12.2
• Yellowfin, bigeye, bluefin and skipjack are the most traded tuna
Fillets 7.3
species
Salmon/Trout 5.7
• The main markets for canned tuna are the US and EU and for
sashimi, Japan is the largest market Tuna 5.5
Main Tuna Markets

Tuna trade by product category
Value (USD billion)
Frozen 2.0
Canned 2.7
Fresh 0.8
Total 5.5
Source: FAO Fisheries Statistics – Commodities, 2006 32

Bluefin the most valuable tuna species

• Yellowfin is the largest tuna species in terms of international trade while skipjack is the largest and most
widespread species in terms of landed volume
• Bluefin tuna are the most valuable tuna species in terms of value per kilo harvested
• Most of the total USD 550 million bluefin trade is in the form of fresh products, or about 70% of sold value
Tuna - Catch volumes and value of global trade in 2004
2,500 1,200
2,000 1,000
USD '000
MT '000
800
1,500
600
1,000
400
500 200
0 0
Yellow fin Bigeye Bluefin* Skipjack
Quantity Value
Source: FAO Fisheries Yearbook 2006 *Atlantic, Pacific and southern bluefin 33
Tuna imports into Japan declining

• Japan is the prime market for the highest graded fresh tuna, sashimi tuna
• Demand for sashimi tuna in Japan has been weakening, the cause is higher prices
• An increasing quantity of fresh tuna is being traded outside the traditional auction market because landing and
freight costs have increased, also because the traditional marketing channel in Japan is very long
• Imports of all major tuna species into Japan have declined in recent years and at the same time import values have
moved up
• During the first 3 months of 2007 imports of fresh/chilled and frozen tuna fell by 24% in quantity while value
increased by 12%
• The total import of fresh/chilled tuna and frozen tuna in 2006 was 44.328 MT and 246.446 MT, respectively
• In the first six months 2006, total market share of tuna in total fishery imports into Japan was 14%
• Weakening of the Japanese Yen has also contributed to decrease of purchasing power
Japan Imports Japan Imports
Fresh/Chilled Tuna Frozen Tuna
January – March January – March
(‘000 MT) 2005 2006 2007 (‘000 MT) 2005 2006 2007
Yellowfin 6.04 5.17 4.70 Bluefin 2.92 2.26 4.03
Bluefin 3.69 2.04 1.78 S. Bluefin 0.26 0.19 0.07

Bigeye 4.73 4.14 3.76 Bigeye 29.27 22.77 21.50
Skipjack 0.03 - 0.07 Yellowfin 26.15 24.37 12.94
Albacore - - - Skipjack 15.00 12.62 6.77

S. Bluefin 0.03 0.07 0.02 Albacore 1.14 0.76 0.51
Total 14.5 11.4 10.3 Total 74.7 62.9 45.8

Source: Globefish, Glitnir Research 34
Prices declining in the past but on the rise again

• Historically, prices for Atlantic, Pacific and southern bluefin have been downward trending
• The average per kilogramme import value for tuna during January–September 2006, increased between
4% and 20%
• In general tuna prices are expected to increase in near future
• Prices of sashimi-grade tuna fluctuate widely during the year, depending on the periods of peak
consumption of sashimi:
– The Golden Week in May;
– The Bon Festival, which takes place during July and August; and
– The New Year festivities
Historical prices of sashimi-grade tuna in Japan

8,000
7,000
6,000
Yen/kg
5,000
4,000
3,000
2,000
1,000
0
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
Atlantic and Pacific bluefin tunas Southern bluefin tuna Bigeye Tuna Yellowfin Tuna
Source: Globefish, Project Topaz - Tuna Market Review – December 2005 Report by Camillo Catarci 35
The US market: Declining in canned, growing in fresh

• Total imports of fresh/chilled tuna increased slightly, from 6,500 MT to 6,400 MT, in the first three months of
2007 compared to the same period last year
• Total yearly imports of fresh tuna are expected to be around 25,000 MT in near future
• Imports of canned tuna in 2005 and 2006 were 169,000 MT and 152,500 MT respectively, in 2007 imports are
expected to further decrease to 145,000 MT
• Imports of yellowfin into the US in the first three months of 2007 were 5% higher than in the same period in
2006
US imports and supplying countries
180
160
140
120
MT '000
100
80
60
40
20
0
1998 1999 2000 2001 2002 2003 2004 2005 2006
Thailand Philippines Indonesia Ecuador others US total imports

Source: Globefish, Glitnir Research
36
A slight increase in canned tuna prices

• Prices of canned tuna in the US have been upward trending although demand and imports have been
decreasing
• Higher raw material prices seem to be resulting in somewhat higher product prices of canned tuna which was
not the case first when raw material prices started to rise
• Prices are expected to rise further following the tight supply situation
US - Canned tuna prices

26
24
22
USD/carton
20
18
16
14
12
10
Jan-00
Jan-99
Jan-01
Jan-02
Jul-04
Jul-99
Jul-00
Jul-02
Jul-03
Jul-05
Jul-06
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jul-01

37
EU demand is strong for both canned and fresh tuna
• UK (132,000 MT), France (108,000 MT), Germany (84,000 MT) and Italy (63,000 MT) are the largest
importers of canned tuna within the EU
• Imports of canned tuna into Germany, UK, France and Italy have decreased by 4% since peaking in 2003
• Spain is the single largest supplier of canned tuna that is imported into the EU
EU 4 largest importers and country off suppliers

450
400
350
300
MT '000
250
200
150
100
50
0
2000 2001 2002 2003 2004 2005
Others Cote d´l voire Seychelles Spain EU 4 Biggest im porters

38
EU – Canned tuna prices rising
• Prices of canned tuna on the EU market rose again after falling slightly at the start of 2007
• Despite price increases, demand for tuna on the EU market has been rather strong, but there are indications
showing that demand might increase due to further foreseeable price increases
• The main reason for higher prices is low supply of raw material
Canned Tuna prices in the EU
30
25
USD/carton
20
15
10
0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Source: Globefish, Glitnir Research 39

4) Tuna consumption
Supply of Raw
Materials
Catch / Aquaculture
40
Canned tuna consumption stagnant
• Tuna consumption has been stagnant for the last three years after a slow increase in previous years
• Recession in global supply in recent years is a likely cause for stagnant consumption
• World consumption of canned tuna (live weight equivalent) was 0.26 kg/year/capita in 1980 and according
to Glitnir’s estimate the consumption in 2006 was around 0.45 kg/year/capita
• Prices for the principal species used for canning have been constantly increasing in recent years
• Reduced supply and increased prices of canned tuna will lead to less consumption in near future
World consumption of canned tuna

0.8
0.7
kg/year/capita
0.6
0.5
0.4
0.3
0.2
0.1
0.0
1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004E 2006E
Source: Globefish, Glitnir Research, Project Topaz - Tuna Market Review – December 2005 Report by Camillo Catarci 41
The US and EU largest in canned tuna consumption

Consumption of canned tuna outside EU - 2003
• Spain is the single largest country in tuna consumption with 1,5
3.3 kg/year/capita
Kg/year/capita
1,3
• In the US consumption of canned tuna is 1.3 kg/year/capita 1,0
and due to large population this is an important market
0,9
• The main consuming countries of canned tuna are the 0,5 0,7
0,7
European Union (EU), the United States, Canada, Japan and
Mexico
0,0
USA* Canada Japan Mexico
Consumption of canned tuna in selected countries

3.5
3.0 3.3
Kg/year/capita
2.5
2.0 2.3 2.2

2.1
1.5 1.8
1.6 1.5
1.0 1.4
1.2 1.1
0.5 0.9 0.9 0.8 0.7 0.7 0.6 0.5
0.0
d
ld
5
K
y
ia
al
m
k
.
n
en
b.
y
e
e
rl
al
an
2
ar
an
U
ai
an
nc
ec
or
tr
ug
m
he
EU
ed
It
Sp
gi
m
us
el
re
m
a
nl
W
xe
t
et
el
Sw
Fr
or
en
Ir
er
Fi
G
A
Lu
N
B
P
Source: Globefish, Project Topaz - Tuna Market Review – December 2005 Report by Camillo Catarci * 2006 figure 42
Canned tuna consumption decreasing in USA
• Consumption of canned tuna has decreased Consumption - Top 10 species in USA ( kg per capita, edible weight)
last three years
Species 2004 2005 2006
• Despite reduced consumption canned tuna
1 Shrimp 1.90 1.86 2.00
is the second most consumed seafood item
in the US and the US market is still the 2 Canned Tuna 1.50 1.40 1.31
single largest market for canned tuna 3 Salmon 0.97 1.10 0.92
• Shrimp is still the most consumed fisheries
4 Pollack 0.58 0.66 0.75
product in the US and Tilapia is the fastest
5 Catfish 0.49 0.46 0.44
growing species in terms of consumption
6 Tilapia 0.31 0.38 0.45
• Overall seafood consumption in the US has
been relatively stable in recent years, the 7 Crab 0.28 0.29 0.30
consumption in 2006 was 7.5 kg/capita 8 Cod 0.27 0.26 0.22
compared to 22 kg/capita in the EU (2005
9 Clams 0.21 0.19 0.20
figure)
10 Flatfish 0.15 0,16 n/a
Total all species 7.54 7.36 7.50
Source: NFI 43
Increased demand for fresh tuna
• Consumption of fresh tuna, mainly Yellowfin and Bluefin has

increased in past years and farmed tuna from Australia,
Mexico and Croatia is mainly utilized for that purpose
• Increased demand for fresh tuna has lead to higher prices

in world markets
• Increased consumption of sushi in the US and EU has

contributed significantly to this increased demand
• Consumption in Japan is still strong but there are indication

of some downward trend which is considered to be caused
by higher prices. Prices seems to be too high to maintain
the strong demand which used to characterize the
Japanese market
• The US has emerged as the second largest import market

for fresh tuna and tuna products

44
5) Case Study: Tuna Farming
45
Bluefin tunas are the farming species

• Tuna farming was first carried out in 1975 in eastern Canada
• Farming of tuna has almost exclusively been carried out in the form of catching small tunas for fattening
• Atlantic, Southern and Pacific Bluefin are the tuna species commercially utilized for farming but Yellowfin farming
has been gaining foothold recently
• The fattening period takes from 6 to 24 months and the monthly growth rate is approximately 7%
• The feed conversion ratio (FCR*) is around 20 (it takes 20 kg of feed to produce 1 kg of tuna) which is high
compared to farming of other fish species (salmon 1–2)
• The farmed tuna is usually higher priced than wild tuna because the sashimi market is basing the price on the fat
content of the product, which is high for farmed tuna
• Farming also enables better timing of supply
• Atlantic bluefin is most valuable of the farmed tuna species
• The bulk of the farmed tuna is flown or shipped directly into Japan
Tuna farming chain

Tuna are captured at The cages are slowly The tunas are The fattening period
sea by purse seine towed (1–2 mph) to the transferred to the takes from 6 to 24
netting, sometimes with farming location. The growth-out cages and months and time of
help of helicopters and farming location can be the formal fattening harvesting usually
airplanes. The tunas are in long distance and the process starts. The main depends on market
then transferred to a sailing can take up to 30 feed is sardine, condition in main
specialised towing sea- days. mackerel and anchovy. markets.
cage.
Source: Glitnir Research, FAO *FCR is the mass of the food eaten divided by the body mass gain 46
Australia and Mexico biggest in tuna farming
• Australia and Mexico are largest in tuna Tuna – Main farming locations
farming, other countries are:
– Croatia: Atlantic bluefin

– Tunisia: Atlantic bluefin
– Spain: Atlantic bluefin
– Portugal: Atlantic bluefin
– Cyprus: Atlantic bluefin
– Italy: Atlantic bluefin
– Oman: Yellowfin
Source: FAO FIGIS online 2007 47

Aquaculture growing, but there is still long way ahead

• Global tuna farming increased from 2,090 MT in 1996 to 22,195 MT in 2005
• Tuna farming still represents low share of the total global tuna supply and in 2005 it was 0,5% compared
to 0.6% in 2004
• Lower catch in 2005 is the reason for increased share of tuna farming of total supply
• The main Aquaculture countries are Spain (Atlantic bluefin tuna), Croatia (Atlantic bluefin tuna), Australia
(Southern bluefin tuna) and Mexico (Pacific bluefin tuna), representing more than 95% of total supply
Tuna - Global Aquaculture 1996-2005 Tuna - Main Farming Countries 2005
30,000 400,000 10,000 150,000

25,000 8,000
USD '000
300,000 100,000
20,000 6,000
USD '000
MT
MT
15,000 200,000 4,000

50,000
10,000 2,000
100,000
5,000 0 0
0 0
n
lia
ia
o
ai
ic
at
tra
96
97
98
99
00
01
02
03
04
05
Sp
ex
o
19
19
19
19
20
20
20
20
20
20
Cr
M
Au
Quantity Value Quantity Value
Source: FAO FIGIS online 48
Tuna Farming: Opportunities and challenges
Opportunities
• Tuna is a high value fisheries product posing it as an interesting species for farming
• The demand for a sashimi graded tuna is high which represents an opportunity for farmed bluefin
• One of the main criteria of sashimi graded tuna is the fat content, which is possible to control under
farming conditions
• The US and the EU markets are growing as sashimi markets
• Declining catch leaves a gap in market for the tuna farming industry to fill
• The catch of Bluefin tuna is declining and prices are rising due to less supplies
Challenges
• Further development of the larval technology is crucial for tuna farming to be able to grow and to become
truly sustainable
• With ability to produce fingerlings, the tuna farming business is more likely to be accepted by
environmentalist group, which have criticised catch of small tunas for fattening
• Some countries do not request trade certification for live tuna that is sold from one country to another for
farming, therefore live tuna trade sometimes escapes international and regional monitoring
• High feed conversion ratio (FCR)
• The usage of dry feed
49
50
Glitnir Seafood Stockwatch – Europe

in cooperation with
Europe
M.Cap Current Change (%) in
Company Country 12m EV/EBITDA 12M P/E
m.USD share price share price YTD
Marine Harvest Norway 4,223 7.3 24.6% 9.0 12.5

Austevoll Seafood Norway 1,770 57.5 33.7% 8.0 13.6
Cermaq Norway 1,769 113.5 23.4% 8.0 12.5
Leröy Seafood Group Norway 1,168 133.5 18.1% 8.8 12.0
Pescanova Spain 703 40.2 48.6% 11.1 23.2
Biomar Holding Denmark 615 305,0 23.0% 13.4 13.9
Alfesca Iceland 541 5.7 15.6% 9.6 17.0
Aker Seafoods Norway 377 46.7 51.6% 10.0 24.0
Nirefs (Nireus) Greece 352 5.2 31.0% 14.2 24.7
Icelandic Group Iceland 294 6.3 -13.4% 12.0 16.8
Europe Index 126,2
Index, %change YTD 26,2%
Index, %change from June 19 6,8%
Index: January 1, 2007 = 100

Sources: Bloomberg, Individual Stock Exchanges, Company Annual and Quarterly Reports Revenues, Glitnir. Data as of July 20, 2007, "nmf" = not meaningful, "n/a" = not available.
Disclaimer: The companies on the list have been selected by Glitnir. Glitnir banki hf. hereby disclaims liability and does not accept any responsibility for such information or is giving
any advice in relation to investments in those companies.
51
Glitnir Seafood Stockwatch – Asia

in cooperation with
Asia
Nippon Suisan Kaisha Japan 1,697 749.0 7.2% n/a nmf

China Fishery Group China 1,186 2.3 47.2% 16.9 23.1
Thai Union Frozen Foods Group Thailand 654 24.0 -4.0% 8.6 10.1
Maruha Group Japan 639 218.0 -9.2% n/a nmf
Pacific Andes China 613 2.8 59.0% n/a 17.8
Nichiro Corporation Japan 264 195.0 -11.8% nmf 18.9
Sea Horse Thailand 242 2.8 -20.0% n/a n/a
Kyokuyo Co. Japan 219 244.0 -3.2% n/a 18.5
Uoriki Co. Japan 175 1475.0 5.9% 13.4 24.2
Chuo Gyorui Co. Japan 129 366.0 0.5% nmf 16.4
Asia Index 115,2
Index, %change from June 19 -7,6%

52
Glitnir Seafood Stockwatch – The Americas

in cooperation with
The Americas
Copeinca Peru 671 69.0 54.8% 7.0 15.5

Connors Brothers Income Fund Canada 510 10.5 0.2% 8.8 10.2
Sociedad Pesquera Coloso Chile 375 1005.0 11.7% 12.9 11.0
Pesquera Itata Chile 356 305.0 41.9% 11.4 15.1
Invertec Pesquera (Invermar) Chile 277 622.3 32.0% n/a 18.4
Pesquera Iquique-Guanaye (Igemar) Chile 258 37.5 49.4% n/a 9.3
Clearwater Seafoods Income Fund Canada 245 5.0 -0.4% n/a nmf
Fishery Products International (FPI) Canada 188 14.5 90.4% 13.2 27.8
Omega Protein Corp US 160 9.7 25.9% 11.2 nmf
High Liner Foods Canada 98 10.1 14.9% 16.2 27.2
The Americas Index 132,0
Index, %change from June 19 3,9%

53
Introduction to Glitnir
• Home markets are Iceland and Norway Glitnir’s total loan portfolio $22 billion
• Focus on niche segments worldwide Individuals
21%
Seafood Industry, Sustainable Energy & Shipping – Offshore Supply
Vessels
Services Other
• Strong focus on the seafood industry since 1904 26% 5%
• Today 8% of the bank’s loan portfolio is in the seafood industry Seafood

• Credit ratings: 8%
Aa3 / P-1 (Moody’s), A / F1 (Fitch) and A-/A-2 (Standard and Poor’s) Commerce
5%
Industry &
Real Estate
Our services include: 27%
contractors
8%
Credit facilities Mergers & acquisitions
– Term loan facilities – Financial advisory

– Acquisitions
– Working capital facilities
– Disposals
– Syndicated loans
– Minority investments
– Vessel financing – MBOs / LBOs / MBIs
– Bridge loans – Private Placements
– Strategic reviews
Capital Markets
Other services
– Bond issuances
– FX dealings – Risk management advisory
– Forward contracts – Equity participation
– Options
* as of April 30, 2007 54
Glitnir’s International Platform
United Kingdom Luxembourg Denmark China

London Branch Glitnir Luxembourg Copenhagen Branch Glitnir China
• Corporate Banking • Corporate Banking • Leveraged Finance Representative
• Corporate Finance • Centre of Excellence • Corporate Finance Office Shanghai
• Centre of Excellence • Real Estate • Opened
December 2006
• Food industry • Private Banking
41 Lothbury
• Structured Finance
London City • Loan Syndication 534 Rue de Neudorf Frederiksgade 19
Copenhagen
Level 8, CitiGroup Tower
33, Hua Yuan Shai Qiao Road
Pudong, Shanghai
Norway Iceland Canada Sweden

BNbank Headquarters
Glitnir Canada Glitnir AB
• Corporate and retail mortgage • Corporate Banking
Representative Office • Equity
Glitnir Bank • Centres of Excellence Halifax Trading &
• Full service bank, trad. indust. • Global seafood • Opened April 2006 Brokerage
• Centre of Excellence • Sustainable energy
• Shipping/ Offshore supply vessels • International core customers
Hovslagargatan
BNbank: • Subsidiaries: Kirkjusandur • Structured Finance 1718 Argyle Street
Stockholm
Munkegata 21, Trondheim Reykjavik Halifax
• Glitnir Factoring • Capital Markets
Dronningens gate 40, Oslo
Glitnir Bank: Glitnir Securities • Corporate Finance
St. Olavsplass 1, Alesund
Glitnir Securities:
Union Group
Haakon VII’s gate 10, Oslo Norsk Privatøkonomi ASA
The U.S. Finland Russia

FIM Group FIM Financial Services
Glitnir Capital Corp. • Funds • Funds
• New York office: open 2007 • Structured products • Structured products
• Corporate Credit & Corporate • Asset Management • Asset Management
Finance
• Brokerage • Brokerage
• Support of Glitnir clients in the
U.S. market • Investment Banking • Investment Banking
Glitnir Capital Corporation, Pohjoisesplanadi 33 A, Paveletskaya sq. 2, bldg 3, 115054
222 East 41st Street, 00100 Helsinki Moscow
New York NY 10017 55

Iceland
Magnús Bjarnason Helgi Anton Eiríksson Guðmundur Hjaltason

Executive Vice President Executive Vice President Executive Vice President
International Banking Investment Banking Corporate Banking
Direct line: +354 440 4523 Direct line: +354 440 4518 Direct line: +354 440 4515
Mobile: +354 844 4523 Mobile: +354 844 4518 Mobile: +354 844 4515
magnus.bjarnason@glitnir.is helgi.eiriksson@glitnir.is gudmundur.hjaltason@glitnir.is
Bjarni Hjaltason Kristján Th. Davídsson Ragnar Gudjónsson

Global Seafood Director Managing Director Director
Corporate Banking Corporate Banking Iceland Corporate Banking Iceland
bjarni.hjaltason@glitnir.is kristjan.davidsson@glitnir.is ragnar.gudjonsson@glitnir.is
Gudmundur Ragnarsson Hjálmur Nordal Ásmundur Gíslason

Senior Manager Director
Analyst l Seafood
Corporate Banking Iceland Corporate Banking Iceland
Direct line: +354 440 4768
Direct line: +354 440 4547 Direct line: +354 - 440 4522
Mobile: +354 844 4768
Mobile: +354 844 4547 Mobile: +354 - 844 4522
gudmundur.ragnarsson@glitnir.is asmundur.gislason@glitnir.is
hjalmur.nordal@glitnir.is
Valdimar Halldórsson Alexander Richter

Analyst Analyst
Direct line: +354 440 4638 Direct line: +354 440 4766
Mobile: +354 844 4638 Mobile: +354 844 4766
valdimar.halldorsson@glitnir.is alexander.richter@glitnir.is
56
Glitnir Seafood – Regional Teams

North America
Jonathan Logan Ignacio Kleiman Michael Richard
Managing Director Head of Corporate Finance Director
North America International Banking United States
Mobile: +1 (203) 979 5275 Direct: +1 (212) 922 0228 Mobile: +1 (508) 878 0171
jonathan.logan@glitnirbank.com Mobile: +1 917 578 349 michael.richard@glitnirbank.com
ignacio.kleiman@glitnirbank.com
Joe Fillmore Natasha Sideris

Director Associate
Canada Canada
Direct: +1 (902) 429 3114 Direct line: +1 (902) 429 3115
Mobile: +1 (902) 237 2114 Mobile: +1 (902) 441 9190
joe.fillmore@glitnirbank.com natasha.sideris@glitnirbank.com
Asia
Jiang Zhu Hafliði Sævarsson Grace Liu
Director Analyst Executive Assistant
Glitnir Rep. Office China Glitnir Rep. Office China Glitnir Rep. Office China
Direct: +86 21 6101 0190 Direct: +86 21 6101 0191 Direct: +86 21 6101 0191
Mobile: +86 139 0161 1875 Mobile: +86 138 1807 2218 Mobile: +86 136 6166 1660
jiang.zhu@glitnirbank.com haflidi.saevarsson@glitnirbank.com grace.liu@glitnirbank.com
Bjartur Logi Ye Shen Eyþór Eyjólfsson

Analyst Director – Japan and Ocenia
International Banking International Banking
Direct: +354 440 4560 Direct: +354 440 4738
Mobile: +354 844 4560 Mobile: +354 844 4738
bjartur.shen@glitnir.is eythor.eyjolfsson@glitnir.is
57
Glitnir Seafood – Regional Teams

Europe/Nordic
Henning Lund Ola Övrelid
Kjartan Ólafsson
Analyst Bank Executive
Director
Glitnir Securities - Norway Glitnir Bank - Norway
Glitnir Securities - Norway
Direct: +47 2201 6347 Direct: +47 7010 2026
Direct: +47 2287 8613
Mobile: +47 9525 5839 Mobile: +47 9133 6733
Mobile: +47 9592 6015
henning.lund@glitnir.no ola.oevrelid@glitnir.no
kjartan.olafsson@glitnir.no
Kristján Hjaltason Glenn Kristiansen Kurt Kvalsvik

Director Director Director
Glitnir Bank - Denmark Glitnir Securities - Norway Glitnir Bank - Norway
Direct: +45 - 8833 5081 Direct: +47 - 2201 6392 Direct: +47 7010 2015
Mobile: +45 - 5199 5081 Mobile: +47 – 9117 9105 Mobile: +47 – 9480 9016
kristjan.hjaltason@glitnir.dk glenn.kristiansen@glitnir.no kurt.kvalsvik@glitnir.no
South America
Jón Garðar Guðmundsson Hjörtur Thor Steindórsson Anna Rósa Róbertsdóttir
Managing Director Credit Manager Analyst
Emerging Markets International Corporate Credit Corporate Banking
Direct: +354 440 4516 Direct: +354 440 4503 Direct: +354 440 4554
jon.gudmundsson@glitnir.is hjortur.steindorsson@glitnir.is anna.robertsdottir@glitnir.is
Sverrir Ingi Ármannsson Guðjón Sverrisson

Analyst Senior Credit Manager
International Banking International Banking
Direct: +354 440 4528 Direct: +1 (212) 71 60 105
Mobile: +354 844 4528 Mobile: + (646) 696 86 55
sverrir.armannsson@glitnir.is gudjon.sverrisson@glitnirbank.com
58
Glitnir Seafood Team – Other Members
Timothy H. Spanos Tim Owen Eiríkur R. Eiríksson

Executive Director Executive Director Senior Manager
International Corporate Credit Head of Corporate Finance, UK Corporate Risk Advisory
Direct line: +354 440 4777 Direct line: +44(0) 20 7710 9130 Direct line: +354 440 4565
Mobile: +354 844 4777 Mobile: +44(0) 7843 512 092 Mobile: +354 844 4565
timothy.spanos@glitnir.is tim.owen@glitnir.is eirikur.eiriksson@glitnir.is
Gísli Sigurgeirsson Atli Rafn Björnsson Ingi Rafnar Júlíusson

Senior Manager Director Executive Director
International Corporate Credit Corporate Finance Capital Markets
gisli.sigurgeirsson@glitnir.is atli.bjornsson@glitnir.co.uk ingi.juliusson@glitnir.is
Snorri Arnar Vidarsson Davíð Stefánsson Kyrre Dale

Credit Officer Analyst Credit Manager | Glitnir Bank
Corporate Banking Iceland Corporate Finance, UK Seafood Credit, Norway
Direct line: +354 440 4771 Direct line: +44(0) 20 7710 9136 Direct line: +47 7011 2034
Mobile: +354 844 4771 Mobile: +44(0) 788 795 4877 Mobile: +47 9137 6551
snorri.vidarsson@glitnir.is david.stefansson@glitnir.is kyrre.dale@glitnir.no
Rúnar Jónsson Stefán Eiríks Stefánsson Merete Stokke Nesdal

FX Brokerage FX Brokerage Account Manager | Glitnir Bank
Capital Markets Capital Markets Seafood Credit, Norway
Mobile: +354 844 4489 Mobile: +354 844 4483 Mobile: +47 926 67 511
runar.jonsson@glitnir.is stefan.stefansson@glitnir.is merete.stokke.nesdal@glitnir.no
59
Legal Disclaimer
All opinions and analyses represent the views of Glitnir at the time of writing and are subject to change
without notice. Glitnir and its employees cannot be held responsible for any trading conducted on the
basis of the information and views presented here. Glitnir may at any time have vested interests in
individual companies, for example as an investor, creditor or service provider, but its opinions and
analyses are produced independently by the Glitnir Research division, based on publicly available
information on the company in question.
This Seafood Industry Report was written by
Ásmundur Gíslason, Analyst l Seafood – Glitnir Corporate Banking: asmundur.gislason@glitnir.is

Magnús Sigurðsson, Analyst l Cross Border Accounts – Glitnir CB: magnus.sigurdss@glitnir.is
Valdimar Halldórsson, Analyst – Glitnir Research Reykjavik: valdimar.halldorsson@glitnir.is
60
www.glitnir.is/seafood
61

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Glitnir Seafood Team

• Tuna Overview ............................................................................. 5

• The Tuna Industry

2) Tuna Processing ................................................................ 27 – 30

3) Tuna Market – Trade and Prices .......................................... 31 - 39

4) Tuna Consumption ............................................................ 40 - 44

• Case Study: Tuna Farming ……........................................................ 45 - 50

• Glitnir Seafood Stockwatch ............................................................ 51 - 53

• Glitnir – General Information ......................................................... 54 - 59

• Tuna is the fourth largest fisheries product in terms international trade

Source: FAO FIGIS online; Globefish 5

1) Global Tuna Supply

Global Supply Processing Tuna Market Consumption

Tuna catch in comparison with other species

Catch – Tuna in comparison with other species 2000–2005

2000 2001 2002 2003 2004 2005

Tuna catch remains high

Global Tuna Catch 1950-2005

Tuna stock exploitation by fishing area

Principal Market Tuna Species – State of Stocks

Atlantic Pacific Southern

Pacific: west - - - - F-O M O

Indian Ocean F - - - F M-F F

N Not known M Moderately exploited F Fully exploited O Overexploited D Depleted

Uncertain stock condition

1.1) Principal market tuna species

Global Catch - Skipjack Tuna 1995-2005

Japan main fishing nation of skipjack tuna

Leading fishing countries - Skipjack 2004-2005

Source: FAO FIGIS online 2007 (latest data for 2005) 13

Global Catch - Yellowfin tuna 1995-2005

Mexico main fishing nation of yellowfin

Leading fishing countries - Yellowfin Tuna 2005-2004

Yellowfin tuna 2004 Yellowfin tuna 2005

Global Catch - Bigeye Tuna 1995-2005

423 434 449 447 424 456 442

Taiwan main fishing nation of bigeye tuna

Leading fishing countries - Bigeye Tuna 2004-2005

Global Catch - Albacore tuna 1995-2005

Japan the leading fishing nation of albacore tuna

Leading - Albacore fishing countries 2004-2005

Atlantic bluefin tuna

Global Catch - Bluefin tuna 1995-2005

Spain leads the way in Atlantic bluefin aquaculture

Atlantic Bluefin - Aquaculture (volume) Atlantic Bluefin - Aquaculture (value)

2005 2004 2003 2002 2005 2004 2003 2002

Pacific bluefin tuna

Global Catch - Pacifc Bluefin tuna 1995-2005

Mexico leads the way in Pacific bluefin aquaculture

aquaculture of pacific bluefin 10 .0 0 0

• Farming of pacific bluefin represented 34% of 2 .0 0 0

2003 2004 2005

Southern bluefin tuna

Global Catch - Southern Bluefin Tuna 1995-2005

Australia leading the way in southern bluefin

Australia - Aquaculture on Southern Bluefin Tuna

Catch of principle market tuna species in 2005

Bluefin all 9.0 16,0% Bluefin all - - Bluefin all - -

Source: FAO FIGIS online 2007, *% of total catch in 2005 26

– raw material for canning

Source: Globefish; FAO, Glitnir Research 28

Canning dominates in terms of quantity

Cooling labelling and