Workers in a pen at Grieg Seafood's salmon farm in Placentia Bay, Newfoundland, Canada.
Norwegian salmon farming giant Grieg Seafood has reported a substantial year-on-year increase in its harvest volume for the third quarter of 2024, amounting to approximately 17,700 tonnes GWT, a notable 45% rise compared to the 12,200 tonnes GWT harvested during the same period in 2023.
In Q3 2024, Grieg Seafood's harvest performance was buoyed by significant gains in its Norwegian operations, reaching a combined total of 14,500 tonnes.
In its Rogaland operations in western Norway, Grieg harvested 8,500 tonnes, up 77% from the 4,800 tonnes of salmon harvested in Q3 2023. Meanwhile, in the north of Norway, Finnmark also performed well, with a harvest volume of 6,000 tonnes, representing a substantial increase from the 1,300 tonnes recorded in the same quarter last year.
While the full details of Grieg's production are yet to be announced in November with the company's full quarterly report, the harvest gains seen in this latest update are likely to be met with some relief by the company, which underwent a highly challenging second quarter with biological problems impacting all of its salmon farming sites. The company made a Q2 operational loss of NOK 35 million (EUR 3.0 million / USD 3.3 million) - news which also provoked a dramatic drop in Grieg Seafood share value during August.
In Canada however, Grieg's production continues to face challenges in the third quarter. The company's operations in British Columbia harvested 3,200 tonnes, a drop of almost half from the 6,100 tonnes recorded in Q3 2023.
This follows a particularly challenging second quarter for the company's BC operations, as record low seawater oxygen levels during May led to increased mortality rates.
The regulatory outlook in British Columbia is also an important factor for Grieg Seafood. Presenting the company's second quarter results in August, CEO Andreas Kvame said the company had "suspended all strategic investments in the region," due to uncertainty over the future of net pen farming in British Columbia - a situation which has since been clarified, with the announcement of the Canadian government decision to no longer renew salmon farming licences beyond 2030 and to transition to closed-containment farming.
Meanwhile, Grieg's Newfoundland operations registered no harvest volume in Q3 2024, as the company continues to focus on developing operational infrastructure in Placentia Bay.
The company's full Q3 2024 report is scheduled for release on November 27, 2024.