The profitability of the Norwegian fishing fleet in 2020 was approximately unchanged from 2019 but varied between pelagic and bottom fishing
The Directorate of Fisheries has published figures from the fishing fleet’s profitability in 2020. It varies between the fleet groups.
The profitability of the fishing fleet in 2020 was approximately unchanged from 2019, but with greater variation in profitability between pelagic fisheries and bottom fisheries. This shows figures from the Norwegian Directorate of Fisheries’ profitability survey for the fishing fleet.
The Directorate of Fisheries has today published figures from the profitability survey for the fishing fleet for 2020. The survey shows an increase in inflation-adjusted operating revenues from 22.0 billion in 2019 to 22.5 billion in 2020. This is an increase of 0.5 billion from 2019 to 2020.
The total operating costs were 17.8 billion, which gave the fishing fleet an operating profit of 4.7 billion in 2020. This again gave an operating margin of 20.8 percent in 2020, while the operating margin in 2019 was 21.1 percent. The operating margins in 2019 and 2020, together with 2011 and 2016, are the highest measured. The return on total capital was somewhat reduced in 2020 and was 7.1 per cent.
The pelagic vessel groups had a positive development in operating margin in 2020 compared to 2019, while the demersal fisheries had a decrease in operating margin.
The increase in pelagic coastal fishing vessels was a consequence of lower costs, while pelagic deep-sea fishing vessels had a large increase in operating revenues.
Coastal fishing vessels had an increase in operating margin of 1.6 percentage points to 21.9 per cent, while the operating margin of deep-sea fishing vessels increased by 6.7 percentage points to 31.5 per cent.
With regard to the decline in profitability for demersal fishing vessels, both coastal fishing vessels and deep-sea fishing vessels had a decline in operating revenues, but the cost reduction was relatively not as great and therefore the operating margin was reduced. This gave an operating margin of 12.5 per cent for coastal fishing vessels and 17.3 per cent for deep-sea fishing vessels, a decrease of 3.5 and 6 percentage points from 2019, respectively.
In 2020, pelagic trawlers achieved the highest operating margin with 34.9 per cent, while conventional deep-sea fishing vessels experienced the largest decline in profitability and ended up with an operating margin of 5.3 per cent.
The coastal trawlers had lower operating revenues and higher operating costs in 2020 and ended up with a negative result.
The sea-going crab vessels (snow crab vessels) also had a negative operating margin in 2020 (-10.1 per cent), but the operating margin was still better than in 2019. This is due to increased operating revenues.