Crab Update

Bering Sea Snow Crab

With strong Pacific cod prices keeping some fishermen on the cod grounds in early January, the 2007 Bering Sea snow crab harvest got off to a slow start. Only 5.2 million pounds had been landed on January 30th. January 2007 landings were down 35 percent from January 2006. Along with a strong Pacific cod market, issues with processing capacity due to a fire aboard a floating processor on its way to the Pribilof Islands also played a role in the slow early season harvest. Harvests picked up and as of April 5th, 27.8 million pounds of the 32.9 million pound quota had been harvested (85 percent of the harvest). On April 30th, 99 percent of the quota had been harvested with only about 200,000 pounds left to catch. Preliminary reports indicate that 65 vessels have made snow crab landings receiving an average ex-vessel price of $1.39 per pound, an estimated $0.55 per pound increase over last year. In late April, with a tiny percentage of the quota left, some crab were landed in Dutch Harbor for as much as $1.90 a pound.

Canada Snow Crab

The Canadian snow crab fishery opened April 4th to a quota of 105 million pounds, a 3 percent increase from the 2006 quota. The ex-vessel price for the start of the snow crab season in Canada is up $0.60 per pound to $1.65. Much like the Alaskan fishery, ex-vessel prices increased over last year, indicating an improved market for snow crab.

Kodiak Tanner Fishery

The 2007 Kodiak Tanner crab fishery opened on January 15th with a guideline harvest level of 800,000 pounds, down 62 percent from the 2006 season. The 2007 season ended with a preliminary harvest of 764,696 pounds, and a preliminary average ex-vessel price of $1.78 per pound. If $1.78 per pound holds, prices for Kodiak Tanner crab will have increased 27 percent over last season. The 2007 harvest was executed by 54 boats.

Southeast Tanner Crab Fishery

The 2007 Southeast Tanner Crab Fishery opened February 10th. The season closed with a total harvest of 927,901 pounds of crab with an average estimated ex-vessel price per pound of $1.67. The 2007 harvest increased 5 percent, while the average ex-vessel price increased 14 percent. This year 76 permits made landings, an increase of 5 permits over 2006.

Crab Markets

The snow crab and Tanner crab markets have improved this year, with increased ex-vessel prices and first wholesale values. The wholesale price for Alaska snow crab FOB West Coast is up 47-52 percent over last year with prices ranging from $4.80-$5.10 for 5 oz-and-up clusters. The slow start of the snow crab season may have contributed to the price hikes, with demand pushing prices up while product trickled in to the market.

 

Another contributing factor may be reduced supply overall. While the season is still underway, the majority of the West Coast Dungeness harvest has been completed. Specific harvest numbers were unavailable at the time of print, but many sources indicate that the Dungeness harvest is back to typical harvest volumes after a few years of record harvests. Along with the West Coast Dungeness harvest, the Alaska Tanner crab harvest and Alaska snow crab quota decreased as well this year. These lower harvests have resulted in a decreased of the overall supply of crab in the market. Even with an increase in the Canadian snow crab quota, the overall combined supply of Dungeness, snow crab, and Tanner crab is down. With strong harvests over the last couple years, the demand for crab may have increased. Also a strong domestic market has improved the competition for crab. Current prices are likely influenced by simple dynamics of supply and demand.