Leading fishmonger of Atlantic Halibut, NOHAL, more popular as Nordic Halibut reports that Quarter 3’s halibut prices hiked by 2% over the 2022 equivalent.

The Norwegian firm said that its sales clocked to Norwegian Krone (NOK) 147 ($13.15) a kilogram in the quarter ending September 30.  

Additionally, there has been a year-on-year 14% price surge in 2023 whose average is NOK 160 ($14.32) a kilo. 

Though impressive, the third quarter’s median of NOK 147/kg did not exceed the average price of NOK 155/kg for the entire 2022.  The 2023 average, however, has surpassed that of 2022 by a 3.22% margin.

Fewer Halibut Harvests affect U.S. Consumer Base

Despite the price notch, Nordic Halibut recorded a low harvest of fish in Q3 due to an optimization of size.  The company only trapped fish averaging 4.8 kilograms in quarter 3. This size was less than that in quarter 2, hence the drop in both price and quantity in the third quarter. 

Back in Quarter 2, 2023, market data had showed that consumers in the United States mostly preferred halibut weighing above 5 kilograms. In Q3, Nordic Halibut saw its U.S. consumer base dip due to lack of larger-sized catches. 

Average prices for exports to the U.S. by the Norwegian company stayed stable, however, at $18.29 a kg during this period.

The Norwegian Krone also weakened against the dollar and the Euro, bringing a knockdown effect on the company’s international trade. 

For now, to boost future catches, NOHAL plans to put 1 million halibut into the sea in time for the 2026 harvest. The firm targets 5000 tons during that future harvest. 

A Spot-check on Halibut fish

Halibut or Hippoglossus hippoglossus is a family of late-maturing fish that can live for a maximum of 60 years. Its habitats include the Atlantic Ocean, icy shores in Greenland and Novaya Zemlya in the Northern sea. 

Because the growth cycle of the fish is extremely slow, governments prevent depletion of the species by allocating fishing timelines. Fishing is off-limit between December to March during the reproduction period.

Canada, Greenland, Denmark and Norway are the biggest exporters of halibut. In 2022, their share in global halibut trade was over 50%.