Pace of Landings, Halibut and Sablefish

Through June 1, the pace of landings in the halibut IFQ fishery is down from the previous three years��� average. The proportion of TAC landed shows a minor change in percentage terms (33 percent landed as of June 1, 2007 compared to the 2004 ��� 2006 average of 37 percent). However, that percentage decline coupled with the reduced halibut TAC translates to a more substantial reduction in halibut poundage available to the marketplace.

As of June 1, 2007 Alaska halibut landings totaled 16.8 million pounds, down 4-5 million pounds from the same date in 2004 and 2005 and down 3.2 million pounds from 2006.

 

The 2007 halibut season started March 10, about a week later than the previous three years. While this explains some of the decline in percentage of TAC landed, it is a fairly minor factor in the reduction of Alaska halibut in the marketplace this Spring. March landings are typically light, totaling no more than 9 percent of the TAC even in 2004 and 2005 when the season was open for the full month of March.

The bulk of the Alaska halibut harvest (nearly 70 percent) is caught during May ��� September. Halibut prices normally dip accordingly during that period as demand in the fresh market is fully met by the growth in landings. Although May 2007 dock prices were down from the record highs of the early season, they remained at the upper end of the $4-per-pound range through most of May, close to peak prices from the final months of the 2006 season.

 

At this point it is not yet clear whether the May 2007 halibut prices indicate genuine growth in demand or if the market is simply responding to the relative scarcity of halibut. While May is traditionally regarded as one of the peak landing months for halibut, landings to date are literally millions of pounds behind typical levels of the last three years. Considering that disparity in landings, it may be premature to identify the strong May prices as indicative of further growth in demand for halibut.

Through June 1, 2007 IFQ sablefish landings total 44 percent of the TAC and appear to be proceeding at a normal pace.  Total landings of IFQ sablefish total 14.8 million pounds as of June 1. This is down slightly from 15.3 million pounds on the same date in 2006, but consistent with the modest decline in the 2007 sablefish IFQ TAC.