The Icelandic Industry and Innovation Council has suggested renting foreign vessels when it comes to fishing for Iceland's bluefin tuna quota

The Icelandic Industry and Innovation Council has suggested for parties to rent foreign vessels when it comes to fishing bluefin tuna quota

The Icelandic Industry and Innovation Council has submitted a planning document to the Government’s Consultation Portal, which deals with changes in fisheries legislation, more specifically fishing for bluefin tuna. 

Iceland has significant fishing opportunities for bluefin tuna at the Atlantic Tuna Council (ICCAT). In recent years, however, Icelandic vessels have not engaged in this fishing, and as a result, the Icelandic fishing industry does not benefit from these fishing rights. Fishing permits are in demand, and it is important that fishing is carried out so that Icelandic vessels do not lose them. 

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Lack of equipment

The Ministry of Industry and Innovation has been examining how it would be possible to promote the resumption of tuna fishing by Icelandic vessels and become part of the Icelandic fisheries sector in the future, with full utilisation of Iceland’s share. It is clear that special equipment and experience are needed to conduct the fishing. Such equipment is not available at Icelandic fishing companies at present. 

In order to promote the resumption of fishing on the part of Iceland, it is necessary for the law to grant temporary authorizations, in temporary provisions, to the effect that Icelandic parties will be permitted to lease specialized foreign vessels for fishing for bluefin tuna, in order to maintain Iceland’s fishing experience, examine the feasibility of fishing and build up national expertise in such fishing.

The Minister therefore intends to submit a bill proposing amendments to the Act on Fisheries Management, the Act on Fishing and Processing of Foreign Vessels in Iceland’s Fishing Funds, the Act on Fishing in Iceland’s Fishing Funds and the Act on Foreign Investment in Business Operations by Allowing Icelandic Parties to rent foreign vessels for fishing, but only for fishing for bluefin tuna and only in a temporarily capacity.

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Icelandic parties could rent foreign vessels to catch bluefin tuna

by editor time to read: 5 min