Decision for 2018 Cod Price

The Standing Fish Price Setting Panel today released its price decision for cod for 2018-2019 and it selected the position of ASP. As such, cod prices for 2018-2019 will remain the same as 2017-2018. Prices are:

Summer:

Grade A: $0.75

Grade B: $0.38

Grade C: $0.20

Fall (effective July 29, 2018)

Grade A: $0.83

Grade B: $0.40

Grade C: $0.20

FFAW is deeply disappointed in the Panel’s decision, as it ignores all evidence of strong global cod prices and accepts the premise the NL cod is not subject to global cod market changes. In fact, the Panel is more concerned with maintaining the margins of processors than providing a fair price to harvesters.

The Panel’s statement at the end of its decision that it can be available for a reconsideration should market and currency change is cold comfort to the harvesters that will be paid low prices for their cod this season. Harvesters are already feeling the impact of a poor Panel decision on crab that has cost harvesters millions of dollars. The Panel is first and foremost an arbitration body bound by the rules of arbitration and legislation. The reconsideration option is not an “out” for the Panel.

This Panel’s understanding of the rules and procedures for arbitration and decision making must change.