Maritime News

Published on: February 17, 2025

Investment in Peter Pan Seafood Ends in Financial Loss and Economic Struggles

Alaska’s Permanent Fund trustees invested over $29 million in Peter Pan Seafood, a seafood processing company in King Cove, Alaska, as part of an effort to support local businesses. However, the company shut down, leading to financial losses for the state and economic hardship for the community.

The Permanent Fund, valued at approximately $80 billion, is a crucial part of Alaska’s economy. It provides annual dividends to residents and helps fund public services. Traditionally, the fund has focused on investments in global markets, but in recent years, state leaders have pushed to use the fund to support Alaska-based businesses. Peter Pan Seafood became one of the major investments under this new strategy.

Peter Pan Seafood had a long history in King Cove, where its seafood processing plant was a primary source of employment. However, in recent years, the company faced increasing financial difficulties due to aging infrastructure, rising operational costs, and shifting seafood markets. In 2021, McKinley Capital Management, an Anchorage-based firm, helped arrange the acquisition of Peter Pan Seafood using funds from the Alaska Permanent Fund. With limited experience in private equity and corporate restructuring, this raises concerns about whether the investment was properly vetted.

Published on: February 4, 2025

Joint Legislative Task Force Evaluates Alaska’s Seafood Industry

by Joseph Stacey

In response to mounting economic challenges within Alaska’s seafood sector, the Joint Legislative Task Force Evaluating Alaska’s Seafood Industry has released a preliminary report. The report identifies critical issues affecting the industry and proposes policy recommendations to address them.

Key Challenges Identified

The task force report highlights several pressing challenges:

Published on: January 28, 2025

78-Foot F/V Northern Endurance Runs Aground Near Unalaska

by Nigel Stacey

On Thursday, January 23, 2025, the 78-foot F/V NORTHERN ENDURANCE ran aground near Little Priest Rock, approximately three miles from Unalaska.

The City of Unalaska Fire Department initially arrived on the scene, then relinquished control of the situation to U.S. Coast Guard’s Marine Safety Unit. A representative from the Fire Department confirmed that the vessel’s captain had assured authorities that all crew members were unharmed, and there were no immediate environmental hazards to report.

The following morning, Resolve Marine, a local salvage operation, was successful in freeing the F/V NORTHERN ENDURANCE, according to Lt. Lawrence Schalles, who heads the U.S. Coast Guard’s Marine Safety Unit in Unalaska. The vessel has been secured near Unalaska’s spit for a thorough inspection.

Published on: January 14, 2025

Washington’s Dungeness Crab Season Opens South of Klipsan Beach

by Nigel Stacey

Washington’s commercial Dungeness crab season is set to begin January 15^th, 2025 for coastal areas from Klipsan Beach on the Long Beach Peninsula south to Cape Falcon, Oregon, including the Columbia River and Willapa Bay. However, the opening date for the remainder of Washington’s Pacific Coast remains undecided.

The Dungeness crab fishery represents the state’s most lucrative commercial fishery. The 2023-24 season brought in $66.8 million, second only to the record $88.2 million catch during the 2021-22 season.

The annual start of the season is determined collaboratively by fish and wildlife departments in Washington, Oregon, and California as part of a tri-state agreement to manage the West Coast Dungeness crab fishery. Opening dates depend on test fishing results, which assess the condition of the crab population. Detailed results can be found at psmfc.org/crab.

Published on: January 7, 2025

Defending Alaska’s Trawl Fleet

by Joseph Stacey

Alaska’s trawl fisheries report they are facing critiques from groups that some industry leaders call “radical organizations funded by out-of-state interests.” Often focused on environmental concerns and fishing methods, these groups have sparked a heated debate about the future of Alaska’s most productive fisheries.

Trawling, a method used by most fishery landings in Alaska and across the United States, plays a critical role in Alaska’s coastal communities and the seafood industry. Yet, some activist groups are seeking to ban trawling, threatening not only the livelihoods of thousands but also the availability of wild, healthful, sustainable seafood enjoyed across the country.

A recent article published in the Alaska Beacon offers a defense of the trawl industry. The editorial was written by four seasoned Alaskan fishermen with decades of experience. Sam Wright, a 30-year veteran of Bering Sea and Gulf of Alaska fisheries; Dan Carney, a farmer, homesteader, and 43-year Bering Sea survivor; Jason Chandler, a lifelong Kodiak resident; and Kiley Thomson, a 32-year resident of Sand Point, united to address misconceptions and misinformation surrounding Alaska’s fisheries.

Published on: December 10, 2024

Coast Guard Releases Names of Lost F/V Wind Walker Crew

by Nigel Stacey

The U.S. Coast Guard District 17 headquarters announced that the next of kin of the five individuals missing after the sinking of the F/V WIND WALKER have been notified. The agency also released the names of the missing crew members. GoFundMe accounts have been established for all five grieving families:

Published on: December 3, 2024

Alaska Salmon Fishery 2024 Reports Sharp Declines in Catch and Value

by Joseph Stacey

Alaska’s commercial salmon fishery experienced significant setbacks in 2024, with double-digit declines in both catch numbers and market value. According to preliminary figures released by the Alaska Department of Fish and Game (ADF&G), just over 101 million salmon were harvested across the state. This represents a 56% decrease compared to the more than 232 million salmon caught in 2023, marking one of the most dramatic year-over-year declines in recent history.

The decline in harvest volumes has been accompanied by a sharp drop in the fishery’s overall value. Fishermen collectively earned $304 million in 2024, down nearly 24% from the $398 million recorded in 2023. These figures underscore the economic challenges faced by Alaska’s fishing communities, many of which are heavily reliant on the health of the state’s salmon industry.

“Market conditions significantly impacted the pricing of salmon statewide and, consequently, the value of the harvest,” ADF&G noted in its summary.

Published on: November 26, 2024

King Cove’s Fishing Legacy and Future

by Nigel Stacey

The Pacific Marine Expo has been held in Seattle for more than 50 years, and the 2024 Expo (which ran from November 20^th to the 22^nd at Lumen Field Event Center) did not disappoint. One of the featured sessions focused on King Cove, Alaska, and the history surrounding this beautiful place.

The story of King Cove, one of southwest Alaska’s oldest and most vital fishing hubs, is as compelling as the waters the fleet has sailed for over a century. Through vivid photographs, detailed charts, and insightful graphs, the presentation celebrated this community while addressing the challenges threatening its future.

But this isn’t just about honoring the past—it’s about tackling a harsh new reality. King Cove finds itself at a crossroads, facing a series of economic and industry shifts that have left the town anxious. The presentation explored key factors disrupting the community, including:

Published on: November 26, 2024

Oregon’s Dungeness Crab Season Delayed Until Mid-December

by Joseph Stacey

Crab season will begin later this year, as the Oregon Department of Fish and Wildlife (ODFW) announced a coastwide delay for the state’s commercial Dungeness crab season. Originally set to open on December 1, 2024, the season has been postponed until at least December 16, 2024.

The decision comes after pre-season testing revealed two issues: low meat yields in some ocean areas and elevated domoic acid levels in the crabs’ digestive systems in parts of the south coast. These findings prompted the delay to ensure consumers receive a high-quality product and to avoid wasting this treasured resource.

In addition, the commercial bay crab fishery—which is currently open from Cape Blanco to the Washington border—will close at 12:01 a.m. on December 1, 2024. Although this fishery typically runs through the end of December, it will only reopen if the ocean commercial season begins before the end of the year.

Published on: November 12, 2024

Invasive European Green Crab Threatens West Coast Ecosystems

by Joseph Stacey

The European green crab, a small but vicious predator, has been making its presence known on the West Coast of North America and wreaking havoc on native ecosystems. Native to the coastlines of Europe and northern Africa, the green crab has spread to coastlines around the world, from Australia to South Africa, and now to the western United States. With alarming impact, these predators have been nicknamed “cockroaches of the sea”. Having reached Alaska, they may pose a new threat to salmon populations.

“I worry about the salmonids,” says Tammy Davis, Invasive Species Program coordinator at the Alaska Dept. of Fish & Game (ADF&G). “I don’t have any evidence that they are competing for food at certain life stages, but the green crabs tear up the eelgrass that provides vital habitat for juvenile salmon and their prey, and in an already stressed ecosystem, having another stressor can affect the whole food web.”

“In Southeast Alaska, we have an estimated 19,000 miles of coastline and much of it is suitable habitat for green crabs.” She adds that many of the islands and passages of the Southeast archipelago have estuaries with eelgrass meadows protected from heavy surf, providing food and protection for green crabs.