Food service specialist M&J Seafoods said reports were coming out of Iceland that 90 per cent of that country's cod quota has already been used up and a new deal would not come into effect until the beginning of September. M&J adds in its regular market assessment that northern hemisphere cod quotas generally were coming to an end.
The company adds: "This could have a detrimental affect on supplies through the summer. We are sourcing from everywhere to guarantee supplies."
Although shipments from the Nordic region have been high recently - the Humber Markets have enjoyed a particularly good week - there are indications that cod prices could soon start to climb.
The M&J report said: "It is also not beneficial for trawlers to land the codlings when larger cod is demanding a higher price so it looks as though codlings are going to be in short supply. Baltic codlings are available but these are not too good in quality at the moment." The good news is that haddock and other white fish supplies look to be in good shape.
Iceland shook the fishing world last year by slashing its allowable catch for cod by 60,000 tonnes down to just over 130,000 tonnes. The decision was taken following advice from the country's Marine Research Institute which said that there was a serious threat to future stocks.
However, Icelandic vessel owners have accused both their government and the Marine Research Institute of over-reacting. The decision has led to higher prices in the UK and Europe, cost fish processing jobs in Iceland and hit the Icelandic economy, which is already being buffeted by the global downturn.
There are some hopes of a modest increase in the cod quota this year, but an announcement on that is not expected until the end of June or beginning of July. The optimism is fuelled by the fact that the Marine Institute has reported marked recovery in the cod fishery.
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