• 2020 February 21 10:09

    Cod farming set for rebound as savvy investors rush to back Norcod

    Norwegian cod-farming venture Norcod has successfully raised new investment totalling NOK 105m (EUR 10.5m) in its ambitious journey to become the world's leading producer of responsibly farmed cod on an industrial scale.

    The company launched a contemplated private placement with a subscription period running from 31 January to 5 February. The cash was raised among new and existing investors from both Norway and Denmark. Sparebanken 1 Markets helped facilitate the transaction.

    Several subscribers indicated they will continue to support Norcod in future funding rounds. “This is extremely encouraging as it's imperative for us to have a strong backbone of investors who recognize the value of the business and our efforts,” said managing director Rune Eriksen.

    The 13 Norwegian investors hail both from Trondheim, where Norcod is headquartered, and Oslo. Many are already involved in aquaculture, which testifies to robust local backing and belief in the venture by industry experts.

    “It's a major success for Norcod,” said Eriksen. The company is targeting a harvest volume of 9,000 metric tons (MT) of fresh cod in 2021, scaling up to 30,000 MT in 2025 as it adds new facilities.

    “The investment helps us reach our earnings goals, as well as our vision to help feed the global population through the production of sustainable, healthy protein,” Eriksen said. “We want to contribute to food security and protecting the planet.”

    Norcod will use the net proceeds to invest in access to juveniles and build-up of biomass. The first batch of juveniles was transferred to the sea in January.

    “The first 200,000 fish are doing even better than expected, with much lower mortality than budgeted but faster growth,” said Eriksen. These key factors were part of the problems that afflicted the last attempts at commercial cod farming a decade ago. Things have changed radically since then; the fry are of much higher quality with hugely improved characteristics, in addition to new technology.

    “Progress is fantastic and a great indication that Norcod can become a major success story. At the same time we've put the next 1.8 million fry into the growth phase with our partners Mørkvedbukta and EcoMarine. That's also going well,” said Eriksen. The company's next batch of juveniles is slated to enter the sea in June. “The Norcod team is expanding and we're all very excited,” Eriksen added.

    Danish investors already showed their strong interest in Norcod by raising DKK 28.5m (EUR 3.8m) through Artha Kapitalforvaltning in November. Their enthusiasm was evident in that investment being fully subscribed in just one hour, according to Artha director Jan Severin Sølbæk. Artha is also a signficant investor in the latest equity raise, and the response was just as fast.


2020 April 8

18:36 CMA CGM announces FAK rates from West Med, Adriatic, Black Sea and East Med to the Middle East Gulf & Red Sea
18:06 The Maritime Union of Australia condemn Government for treatment of cruise ship crews
17:36 Estimated March imports at major U.S. retail container ports hit five-year low, declines expected to continue amid pandemic
17:05 PD Ports continues investment in environmentally sustainable technology
16:36 CMA CGM announces FAK rates from West Med, Adriatic, Black Sea & East Med to Far East
16:35 SCHOTTEL EcoPeller deployed in modernization project for first time
16:13 Port of Tallinn reports its 2020 Q1 passenger and cargo flows
16:05 Gimi receives force majeure claim for FLNG from BP Mauritania
15:44 Allseas wins removal contract for multiple North Sea installations
15:40 KMG Inseneriehituse AS to build bridge for Port of Tallinn
15:04 THE Alliance announces COVID-19 response measures for May and June 2020
14:36 Vyborg Shipyard holds steel cutting ceremony for trawler of Project KMT02
14:02 The Kings of Spain check the maintenance of the supply chain in the port of Valencia
13:43 Lotos shipyard to build four dredgers for Russia’s inland water ways
13:21 Port Kolomna signs agreement with RF Ministry of Industry and Trade for ship srapping grant
13:02 North Carolina Ports completes Turning Basin Expansion Project at the Port of Wilmington
12:42 Shipping credit outlook revised to negative: cash crunch worsens as Covid-19 disrupts trade
12:05 Inland terminals at the Port of Hamburg hit by the corona crises differently
11:30 IAPH Tokyo secretariat transited to remote work from home
11:05 SAFEEN acquires its largest service vessel to date
11:02 BC Ferries adjusted service levels due to Covid-19 pandemic
10:39 ABB increases remote support for ships to help customers during the COVID-19 outbreak
10:38 Port of Gdansk actively supports fight against coronavirus
10:16 Tallink Grupp’s vessels Megastar, Galaxy and Baltic Princess suspend passenger transport to Finland
09:53 MABUX: Bunker market this morning, Apr 08
09:40 Bunker prices start going up at the port of Saint-Petersburg, Russia
09:19 Baltic Dry Index is down to 596 points
08:47 Golden Ocean announces appointment of Ulrik Uhrenfeldt Andersen as CEO

2020 April 7

18:38 RF Government makes big decision to quit transshipment of NOVATEK’s LNG in Norway
17:27 BashVolgotanker opens navigation with first tanker leaving Samara for Kavkaz
17:03 IADC moves its seminar and course to 2nd half of 2020
16:49 RF Navy’s oceanographic research vessel "Admiral Vladimirsky" arrived in the Durville Sea
16:05 ECSA and ETF launch joint project WESS
15:51 Bunker prices are flat at the Far East ports of Russia (graph)
15:43 Port of Rotterdam adds Boxinsider to Portbase
15:28 Dredging works at LNG terminal in Klaipeda Seaport completed ahead of schedule
15:04 VTT to assess bio- and waste-based oils suitable for power plants and ships
14:43 Nordic Investment Bank is sponsoring expansion of Klaipeda Seaport
14:20 AET and TOTAL agree time charter for two LNG dual-fuel VLCCs
13:52 Rosmorport changed tariffs on crew boats services rendered in seaports of Eysk and Temryuk
13:29 Krasnoye Sormovo shipyard introduced short-time operation till 30 April 2020
12:54 Rosmorport announces tender to reconstruct coastal facilities of Vanino-Kholmsk ferry service
12:26 Rosmorport announces tender to build and reconstruct port infrastructure in Nikolskoye settlement
11:47 Hydrographic vessel of RF Navy’s Pacific Fleet continues its long-distance cruise to Antarctica
11:09 Hurtigruten temporarily suspends operations
10:25 Brent Crude futures price is up 3% to $34.04, Light Sweet Crude – up 3.53% to $27
10:08 Stena Line to furlough 600 employees and make 150 redundant in UK and the Republic of Ireland due to COVID-19
09:53 Extraordinary security measures undertaken by PORT FLEET operating in Big Port St. Petersburg
09:34 Nuclear-powered container carrier Sevmorput unloaded cargo for Arctic LNG 2 project
09:16 Baltic Dry Index is down to 604 points
09:02 Austria's overseas traffic via Hamburg remains stable
08:46 MABUX: Bunker market this morning, Apr 07
08:19 LR chosen for LNG Canada export terminal project in Kitimat

2020 April 6

18:37 Okeanis Eco Tankers announces three year VLCC time charter
18:06 Bureau Veritas helps to manage risk thanks to digitalized inspection services
17:45 Turnover of DeloPorts terminals in January-March of 2020 reached 2.6 mln tonnes, up 44% YoY
17:39 The production of Tallink’s new car and passenger ferry MyStar has started at Rauma shipyard
17:12 Maersk Container Industry signs first Star Cool milestone contract with Evergreen
17:06 Lloyd’s Register completes six-day, three-person audit for marine and offshore component and equipment business Whittaker Engineering
16:30 8,800 cbm of material dredged in Korsakov seaport