Norcod's shares jumped almost 10% on Thursday after receiving an order for 800 tons of fish for export to a Chinese distribution company.
Photo: Norcod.
Norwegian cod aquaculture company Norcod has inked a new contract with a leading Chinese distribution company, marking a significant milestone in the company's expansion strategy, the company announced on Thursday.
The agreement, valued at a minimum of 800 tons, equates to approximately 10% of Norcod's projected production for 2024, and is expected to yield substantial profits for the company.
Norcod's shares rose almost 10% during the early afternoon of Thursday following the news.
The export of fish to China is already underway, and Norcod products will soon feature on supermarket shelves across China. Norcod said it has secured product placement in more than 100 Metro stores.
Importantly for Norcod, its cod will be presented and sold alongside salmon products in China, a move anticipated to solidify the Norwegian company's position in the Chinese seafood market.
Recognizing the potential for a substantial cod market in China, Norcod hopes to emulate the success of Norwegian salmon in the country.
In 2023, Norway exported 40,000 tons of fresh salmon to China, contributing to a total market volume of 95,000 tons.
Announcing the deal, Norcod acknowledged the pivotal role of the Norwegian Seafood Council in facilitating market entry, while the global seafood sales and marketing firm Sirena helped to secure favourable positioning and a swift turnaround.
