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3-Minute Market Insight

EP 632 | AIRED 03/20/2023

Europe Report: Less Atlantic Cod, Salted Cod Prices, Container Freight Index

Mar 20th, 2023 - The first months of the year are generally a slow sales period for wild caught and farmed seafood products in Europe, and 2023 has not been an exception to this rule.

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Demand was low over the course of February, but prices generally moved up, especially for groundfish.

The Atlantic cod market continues to be under stress as catches of Atlantic Cod are likely to decline in 2023, for the first time in history under the 1 million tonne mark.

There will be a decline in production for all major cod-producing countries, resulting in an increase in cod prices throughout the year.

European Price Report

Consumers may switch to other species like Alaska Pollock, Pangasius, and Tilapia, but salted cod importers will continue to rely on cod species to meet the demand for cured cod, particularly in Southern Europe.
If the geopolitical situation remains stable, salted cod products should see a reduction in prices as we approach what is traditionally a period of lower consumption of these types of products.

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The Global Container Freight Index was $2,214 U.S. on January 27, 2023 which is well below last year’s level but still much higher than pre-COVID levels

Groundfish Forum 2022, 2021-2023 Atlantic Cod

Nonetheless, current container prices may ease transport of frozen freight to Europe, with the exception of disruption that may be caused from geopolitical tensions.

Our recommendation is to daily check our TradexLIVE Seafood Offers Portal and to have your Tradex Rep sign you up for the daily spotlight emails.

Freight Index

Lent runs from Feb 22nd to April 6th 2023.
Check out our 2023 LENT Menu

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