Aquatic/Fishing Industry Snapshot

Lobster

• Lobster in mid-coast Maine was bringing in $5.50-ish/lb towards the end of 2023, higher than earlier in the year but catch has been a bit lower. Fuel prices have declined which has helped margins remain positive.

• The ongoing concern regarding the endangered Northern Right Whale continues to worry the industry. However, a victory in the DC Federal Appeals Court has brought some reprieve that gear modifications will not be required at least until 2028.

Scallops

• Scallop pricing trended down in the second half of 2023. Some quality issues have been experienced on U10’s (larger sizes).

• The 2023-2024 fishing year is looking to have 24 open days-at-sea and two 12,000 lb. closed area trips. Scallop fishermen may get 1 or 2 more trips in 2024, on the Southern and Northern edges of the fishing zone.

Groundfish

• As with scallops, there has been a general downward trend in wholesale prices. The groundfish catch has been stable. Quota measures from NOAA have decreased catch limits in a few sectors while others remain flat year over year.