PANEL SELECTS ASP PRICE FOR LOBSTER

The decision on lobster was released this evening, with the Panel siding with ASP.

The sole issue in dispute was whether to include Thursday – Tuesday or just Tuesday in the pre-Mother’s Day period. ASP wanted a rollover of last years agreement, meaning that the price is based only on the Tuesday following the week fishing for the pre-Mother’s Day period. The FFAW offer was the original formula (i.e., the Thursday-Tuesday split) for the entire season, with the exception that if the Urner Barry price dropped more than 10% from Thursday to Tuesday during the pre-Mother’s Day period, then the price would be based on the Tuesday only.

Despite offering this compromise and accepting a price based on Tuesday only if the Urner Barry price drops more than 10%, the Panel has undermined the lobster formula which has existed since 2011 and has provided harvesters with a fair share of the market.