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Lump Roe Prices 2009

Retroactive Price Adjustment

The final price for lump roe for 2009 was $3.99 per pound.

The minimum starting price was $1.50 per pound, so the rebate owed by the processors to fish harvesters is $2.49 per pound.

Harvesters are encouraged to contact their buyer for payment immediately and to request an amended Record of Employment since the rebate may impact their EI benefits.

Strong rebate for lump-roe harvesters
Newfoundland and Labrador lump-roe harvesters will be paid an extra $2.49 per pound for product they sold as part of this year’s fishery.

Harvesters had already received a minimum price of $1.50 at the wharf for product this year. The $2.49 rebate will be added to that minimum price.

This year’s numbers represent an increase compared to 2008, when harvesters were paid a minimum price of $1.50 and received a rebate of 2.25 cents at season’s end. The year before that, in 2007, the minimum price had been $1.20 and the rebate was .83 cents.

The rebate is based on a pricing market formula that has been negotiated in the lump-roe fishery. The formula has been in place for the past number of years and results in a final price that is determined by actual sale in the marketplace. That basically means if market prices go up during the season, harvesters retroactively receive a price per pound rebate proportionate to the market price increase.

This year’s substantial rebate was largely due to a shortage of roe in the marketplace, which continued to drive the price.

Unfortunately, while prices were very good, catch rates were down significantly with about 500 barrels of lump roe harvested in Newfoundland and Labrador in 2009. That’s compared to approximately 2,300 barrels in 2008 and 3,200 in 2007.

Nevertheless, the rebate will provide some good news for some of the approximately 2,000 small-boat harvesters affected by the lump roe fishery in the province.

2009 Price Schedule – Lumproe

The prices and related terms and conditions for lumproe for 2009 are as follows:

The parties agree that this schedule and the Master Collective Agreement dated May 4, 2006 together constitute a Collective Agreement between the parties for lumproe for the purposes of the Fishing Industry Collective Bargaining Act.

1. At market prices up to $900 Cdn CIF Europe, fish harvesters will be paid $1.50 per pound for lumproe.

2. If the market price as outlined in paragraph 3 below exceeds $900 per barrel, prices to fish harvesters will be increased retroactively based on sales and shipments up to November 30, 2009. Retroactive payments will be due and payable no later than December 10, 2009. The raw material price will be increased at a rate of $.01/lb for each $4 per barrel market price increment in excess of $900 per barrel. (For example, at $1,000 per barrel the raw material price would be $1.75 per pound).

3. Confirmation of average market prices received will be based on sales reports up to and including November 30, 2009 showing volumes and weighted average prices received per barrel (Cdn$ CIF Europe) from Ocean Choice International (OCI), Beothic Fish Processors and Icewater Fisheries. Verification through independent audit or prices received is at the discretion and cost of FFAW.

4. There will be no deductions from these prices for ice and/or water.

5. The parties agree to a three-week lump season in each area. The parties agree to variable seasons by area, provided that no individual licence holder can fish in more than one three-week season. A committee of the FFAW, ASP and Icewater will be established to monitor landings during the first two weeks with a view to increasing/shortening the season should there be a perceived shortfall/oversupply.

6. Temperatures must be controlled by icing and landed roe must be free of foreign material and excess water.