• 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 June 6

15:31 USCG, President Eisenhower rescue mariner 500 miles offshore
14:08 First contract for subsea innovation from Kongsberg
12:37 Eidesvik secures extention of time charter for PSV Viking Lady
11:47 Wärtsilä’s Data-Driven Dynamic Maintenance Planning solution optimises engine maintenance
10:52 CMA CGM announces first quarter 2020 results

2020 June 5

18:21 Mezhregiontruboprovodstroy appointed as sole contractor for construction of Utrenny terminal
18:05 CMA CGM announces FAK rates from Europe to Indian Ocean Islands
17:35 Teesport welcomes largest containership
17:05 EUROGATE Intermodal appoints Christopher Beplat as a new managing director
16:50 Russian Railways: Loading of export cargo bound for domestic ports up 6.4% in May 2020
16:35 DNV GL performs over twenty remote wind turbine inspections globally in times of COVID-19 related-travel restrictions
16:05 Gasum performs first LNG bunkering to Heerema’s Sleipnir
15:28 Acquisition and recapitalisation of Royal IHC finalised
14:18 First of two Austal's 118 metre trimarans for Fred. Olsen completes sea trials in Australia
13:56 Rosmorrechflot announces new competition for construction of Bagayevsky hydrosystem
13:29 Zvezda Shipyard stars cutting steel for yet another Aframax tanker
13:01 Keppel enters into framework deed with Borr Drilling to defer scheduled delivery of rigs
12:01 Port of Rotterdam Authority decides to hold RFT for transport service along Container Exchange Route
11:47 Yevgeny Ditrikh takes helm of STLC Board of Directors
11:04 The second largest container vessels in the world, now has its “Socarrat”
10:41 Oil prices rise within $1
10:28 Marseille Maersk sets up new record for the port of Rotterdam
10:23 Training exercise held with rescuers of RF Navy’s Northern fleet to assist emergency ship in the Arctic
10:00 RF Navy's oceanographic research vessel Admiral Vladimirsky entered the North Sea
09:39 Bunker prices rise at the port of Saint-Petersburg, Russia
09:18 Baltic Dry Index on June 4
08:46 MABUX: Bunker market this morning, June 05

2020 June 4

18:20 Wärtsilä to supply Europe's most modern simulator for inland shipping training
18:02 Dutch innovative app trains 10,000 process industry workers in Singapore during Covid-19 lockdown
17:47 Singapore Maritime and Ports Authority issues guidelines for crew change
17:25 Gasum performs first LNG bunkering to Heerema’s Sleipnir
17:02 China Merchants Group's emergency working group of the prevention and control of COVID-19 holds 20th meeting
16:34 Throughput of port Vysotsk in 5M’2020 fell by 24.2% Y-o-Y
16:02 Diana Shipping announces time charter contract for m/v G. P. Zafirakis with Koch
15:41 NS Power's crew rescues two people in the Andaman Sea
15:23 RS Rules update: hybrid propulsion
15:02 Grimaldi boosts its Italy-Greece connections
14:32 DNV GL and ABB launch new MOU to advance marine digitalization with a remote signing ceremony
14:02 150 trapped eels rescued at the Port of Gothenburg
13:48 Bunker price are stable at the Far East ports of Russia (graph)
13:31 MSC Mediterranean Shipping Company extends the seasonal blanking programme on its Asia–Europe network
13:01 Wärtsilä offers new remote service to overcome Covid-19 travel restrictions
12:31 DEME to build the Scheldt tunnel
12:03 Havyard presents new design concept for zero-emission sightseeing vessels
11:45 Annual throughput of Murmansk Transport Hub to be raised to 100 million tonnes
11:23 Construction of automated gate complex commences at APM Terminals Aarhus
11:10 Port of Zeebrugge joins the International Port Community Systems Association
10:58 Jiangnan Shipyard and Gabadi teams complete construction of the first LNG tank as part of an LNG-fuelled container ship project
10:57 AS Tallink Grupp Statistics for May 2020
10:33 More departures added for Helsinki-Tallinn route vessel Star from 4 June 2020
10:11 Oil prices go down by 1.48%-2.06%
10:00 CMA CGM cancels Low Sulphur Surcharge from July 1st, 2020
09:52 Russia’s leading shipping companies suggest development of ATB services by the USA example
09:40 PIER71 launches Smart Port Challenge 2020 with New Venture Capital Partners for maritime tech start-ups investments
09:36 MABUX: Bunker market this morning, June 04
09:14 Baltic Dry Index on June 3

2020 June 3

18:25 Russia's Main Department of State Expertise approves construction of operational water area under Obskiy LNG project
18:03 Cargotec’s Kalmar and MacGregor to help drive development of connected automated waterborne transport through participation in AEGIS project
17:46 Rosmorport announced tender to reconstruct coastal facilities of Vanino-Kholmsk ferry service
17:24 RF Government approved allocation of RUB 60.5 billion for Russian Railways’ BAM and Transsib projects in 2020