Aerial view of a Salmones Camancha salmon farm in Chile.
Photo: Salmones Camancha.
In a brief release sent to the stock exchange, Salmones Camanchaca published its Q3 2024 operational update. In it, the company reported a significant drop in Atlantic salmon harvest volume, while informing that there was no Coho salmon harvest.
The Chilean salmon company said its Atlantic harvest was 12,418 MT with an average weight of 5.1 kg and an ex-cage cost of USD 4.40/kg (EUR 4.07/kg) whole fish equivalent (WFE). Compared to the same period last year, Salmones Camanchaca harvested less, although it achieved an improvement in costs.
In 2023, the third quarter Atlantic salmon harvest was 17,760 MT WFE, with an ex-cage (live fish) cost of USD 4.69/kg (EUR 4.34/kg). This means that, in comparison, in Q3 2024, the harvest volume has suffered a 30% drop, while the cost has decreased by 6.18%.
Regarding Coho salmon, in its stock exchange release, Salmones Camanchaca only noted a laconic, "There were no Coho harvests." In the same quarter report last year, the company said that with Coho seed in early 2023, it expected to double harvest in the 2023-2024 season, which would begin Q4 2023.
It was met for that quarter, and the company ended it with a harvest of 8,900 tons, 165% higher than in Q4 2022, but it dropped by 54% in Q1 2024 and there was no harvest in Q2 2024 either after the Coho harvest was concluded in January.
Thus, in this operational update, the Chilean salmon company said that the harvest estimate for 2024 is in the range of 4,000 - 5,000 MT of Coho, while the expectation for Atlantic salmon is to reach 47,000 - 49,000 MT.
As for sales, in Q3 2024 they were approximately 8,900 MT of Atlantic and 1,700 MT of Coho, leaving an approximate inventory as of September 30 of 6,600 MT and 300 MT, respectively. Salmones Camanchaca has not provided details beyond the figures and has merely stated that the full Q3 2024 report will be published on November 13, 2024.
The company opened its 2024 results with a weak Q1, which followed on the heels of the year 2023 in which the fishing division had saved the Group's revenues. Then, it closed Q2 2024 with revenues of USD 94.5 million (EUR 85.7 million), up 49% on the same period in 2022. We will now have to wait a few days to know the full picture of Q3 in which, not just the harvest, costs, and inventories but also the prices achieved will play a role.