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Total fish stock in monetary terms

In the year ending September 2009,5 the total asset value of New Zealand’s commercial fish resource under the Quota Management System (QMS) was $4.0 billion, an increase of 47 percent from the 1996 value of $2.7 billion (figure 2).

Figure 2
Graph, Total Asset Value of New Zealand's Commercial Fish Resource 

Prices for quota and ACE, and henceforth the asset value of New Zealand’s commercial fish resource, reflect the fundamental economic principles of supply and demand. The supply of fish, from New Zealand fisheries, is affected primarily by the TACC, but also by the abundance and location of fish, environmental conditions, and economic factors affecting the fishing industry such as the cost of fuel, labour, and equipment. On the demand side, an increasing global population and subsequent demand for food, changing consumer preferences, and recognition by nutritionists of the health benefits of fish and seafood, all have an effect.

In 2009 the TACC for all species within the QMS increased 0.8 percent from 2008 (although in 2009 it was still 20 percent below its most recent high in 2000).

The weight of commercial species caught in 2009 decreased from 72 percent of TACC in 2008 to 69 percent in 2009.

In the year to September 2009, the food price index recorded a 6 percent increase in fish and seafood prices,6 while the export revenue7 for all fish was at its highest value since 2002 (see table 2 ‘Export revenue and quantity’ in the appendix). Both measures reflect strong demand for New Zealand’s commercial QMS fish species both at home and abroad.

In 2009 the total asset value of New Zealand’s commercial fish resource increased for the fourth year in a row, driven by increases in the value of rock lobster, hoki, jack mackerel, ling, stargazer, southern blue whiting, dredge oysters, and arrow squid. TACC increases contributed to asset value increases in the rock lobster and southern blue whiting fisheries.

The New Zealand fishing industry is a significant primary industry, contributing an average of over $1.3 billion in export earnings to the economy each year, and generating around 9,000 full-time equivalent jobs (see the Ministry of Fisheries webpage, http://fs.fish.govt.nz/Page.aspx?pk=20&tk=239 and you may also refer to the appendix for a summary of New Zealand’s fish exports volumes and values).
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QMS original species asset value

The theoretical benefits of Individual Transferable Quota (ITQ)-based management systems, such as New Zealand’s QMS, include sustainable use of the resource and increased economic efficiency (Lock & Leslie, 2007). With that aim in mind it is interesting to note the time series for the initial 26 species8 introduced into the QMS on 1 October 1986 (figure 3). The asset value for these species has increased by 18 percent to $2.4 billion, over the period 1996–2009. This is less than the 47 percent increase estimated for the entire commercial fish stock. However, this increase has occurred despite a 41 percent decrease in the total TACC for those species, 83 percent of which, at 150,000 tonnes, was in the hoki fishery.

Figure 3
Graph, QMS Original Species Asset Value, and TACC

The original 26 QMS species made up 59 percent of the total asset value of the commercial fish resource at September 2009, compared with 73 percent of the total in 1996. The values of fish stocks, as estimated by integrated environmental and economic asset accounts, provide useful information not only to fisheries managers, but also to others interested in a measure of national wealth. One of the fundamental macro-economic indicators of a country’s well-being is its wealth over time (United Nations 2004). Another major reason for producing asset accounts is to better monitor resource use by accounting for depletion of natural assets. The simplest expression of sustainability is that fish catch is held equal to net growth so that the size of the stock at the beginning period is maintained, under the condition that the stock size was within safe or precautionary limit reference points at the beginning period (United Nations, 2004). Although the non-declining asset value of these stocks is not in itself a guarantee of sustainable use, any more than the setting of TACC limits is, the monetary value of the resource (as estimated by the asset account) provides valuable information for those monitoring the resource and its use.
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Species valuations

For the September 2009 year, 20 species contributed 91 percent of the total value of New Zealand’s commercial fish resource as managed under the QMS: arrow squid, barracouta, blue cod, bluenose, hake, hoki, jack mackerel, ling, orange roughy, oreo, dredge oysters, päua, rock lobster, scampi, school shark, silver warehou, snapper, southern blue whiting, stargazer, and tarakihi. Table 1 shows the value of the top 20 species (by asset value) over the period 1996–2009.

In 2009, hoki had the highest asset value of all fish species ($815 million), followed by rock lobster ($771 million) and päua ($304 million). These three species made up 47 percent of the value of New Zealand’s commercial fish resource. All other species (other than the top 20) had a total asset value of $360 million.

There may be some variability in the estimates of asset value for some of the species in the ‘all other species’ grouping, particularly for those that have only recently been brought into the QMS. This variability may be associated with factors such as uncertainty about the stock levels or management of a species, resulting in a wider range of values in transfer price information than would be expected. In addition, quota transfer information may be absent. This may be the case where the Ministry of Fisheries has allocated quota directly to the industry based on catch history. Since 2005, all species introduced into the QMS (aside from some limited exceptions) are now subject to a tender process, where all new quota is sold by the Crown to successful bidders.9

Transfer price information may also be absent, for any quota, where the deemed values10 for that quota are perceived by the industry to be set at a low enough level not to necessitate the acquisition of ACE, or where the ACE price combined with search and transaction costs exceeds the deemed value cost. To see the individual asset value of all species managed under the QMS over the 1996–2009 time series, see table 3 ’Asset value of species managed under the Quota Management System’, which is available as an Excel file on the Statistics NZ website.

Table 1
Table 1, New Zealand's Commercial Fish Resource

Table 1 (continued)

 Table 1, New Zealand's Commercial Fish Resource, cont.

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Hoki

In the September 2009 year, hoki11 had an asset value of $815 million. From 1996 to 2009, the value of hoki increased by 27 percent (figure 4). Over the same period, hoki’s value as a percentage of the total commercial fisheries’ asset value decreased from 23 percent to 20 percent. Recorded catch has been relatively stable in this fishery, averaging 97 percent of the total TACC for hoki in the period September 1996 to September 2009 (Clement, 2009).

In 1996, hoki had an asset value of $642 million. Following a low of $398 million in 1998, the value of hoki increased substantially, to $973 million in 2001. This increase was associated with a high total TACC of 250,010 tonnes and a low New Zealand dollar, which contributed to export earnings of $244 million in 2001. TACC dropped to 200,010 tonnes in 2002 and 2003; 180,010 tonnes in 2004; and 100,010 tonnes in 2005, in measures aimed at rebuilding the fishery to a sustainable level (Ministry of Fisheries, 2004). Table 2 in the appendix shows that from 2001 to 2009, there was a decline in both the quantity and the dollars per tonne received for hoki exports.

For the fishing year beginning 1 October 2007, the Minister reduced the hoki TACC from 100,010 tonnes to 90,010 tonnes, and also requested a near 50 percent reduction of catch from the western stock to a 25,000 tonne limit. The limit in the eastern stock increased by 5,000 tonnes but the Minister requested that this increase in catch occur in the Cook Strait rather than the Chatham Rise areas to protect juvenile aggregations. In order to reduce the likelihood that catch limits will be exceeded, the Minister also raised the deemed values in the hoki fishery (Minister takes action, 2007). In 2009, the TACC remained at 90,010 tonnes but is set to increase in 2010 to 110,010 tonnes (Clement, 2009).

In 2009, total export revenue from hoki fell slightly from 2008; however the dollar per tonne export price increased.

Export data for 2009 shows that the majority of hoki is exported to China (37 percent) and Australia (29 percent).

Hoki is widely distributed throughout New Zealand waters from latitude 34 degrees south to 54 degrees south; from depths of 10m to over 900m, with the greatest abundance between 200m and 600m. Under the QMS, hoki is managed as one main fishery, HOK1, but is considered to consist of two stocks. The two-stock sub-areas are HOK1W and HOK1E, catch limits are managed in these areas by agreement between the quota owners and the Minister of Fisheries.

Stock assessments show that both stocks were at lower points around 2005 and the west stock was almost certainly more depleted than the east stock. Stock assessments in 2008 indicate that the fishery is in good health and further TACC increases are a possibility. It is likely that these factors are related to the increasing asset value.

Figure 4
Graph, Hoki Asset Value and TACC
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Rock lobster

In the September 2009 year, rock lobster had an asset value of $771 million. From 1996 to 2009 the value increased by 110 percent, and in 2009 it contributed 19 percent of the total commercial fisheries asset value, compared with 13 percent in 1996 (figure 5).

The 2009 value is an increase from the previous high of $689 million in 2003. This increase coincides with an increase in TACC for rock lobster, from 2,726 tonnes in 2003 to 3,021 tonnes in 2009. The value of ACE transfers has risen consistently over the last three years. The minimum ACE holdings of 3 tonnes12 for all the spiny red rock lobster (CRA) QMAs and strong competition among prospective ACE purchasers, combined with recent increases in TACC, may be responsible for the rise in 2009 asset value.

Export revenues have recovered in recent years (see table 2 in the appendix), which is likely to have influenced the increase in asset value since 2006. The rise in export revenue from 2008 occurred despite a slight fall in volumes exported in 2009. Total export revenue for rock lobster was $189 million in 2009. In 2009 most rock lobster exports were to Hong Kong (92 percent).

Rock lobster combines two species quotas, spiny red rock lobster13 (Jasus edwardsii), and packhorse rock lobster14 (Jasus verreauxi). Spiny rock lobster has the quota code CRA, with 10 quota management areas. Spiny rock lobster had a value of $770 million in 2009 and a TACC of 2,981. Packhorse rock lobster with the quota code PHC has one quota management area, PHC1. Packhorse rock lobster had a value of $1.0 million and a TACC of 40 tonnes in 2009.

Recorded catch for spiny rock lobster averaged 93 percent of total TACC for 1996 to 2009, while recorded catch for packhorse rock lobster averaged 48 percent of total TACC over the same period (Clement, 2009).

Figure 5
Graph, Rock Lobster Asset Value and TACC
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Pāua

In the September 2009 year, the asset value for pāua15 was $304 million, an increase of 113 percent from the 1996 value of $143 million (figure 6).

Pāua’s contribution to the total value of New Zealand’s commercial fish resource increased from 5 percent in 1996 to 8 percent in 2009. Total TACC for pāua decreased 16 percent over the period, to 1,059 tonnes. Recorded catch for September 1996 to 2009 years averaged 96 percent of TACC for pāua (Clement, 2009).

The high dollar value per tonne of exported pāua and the relatively stable TACC in the pāua fishery are likely contributors to the high value. Export revenue was $51 million in 2009 with most exports to Hong Kong (59 percent) and Singapore (27 percent).

In addition, industry initiatives such as the formation of the Pāua Industry Council and Associated Pāua Management Companies (PAUMACs) may have influenced the asset value of pāua. Such initiatives allow quota owners to collectively engage in projects intended to improve the return from their fishery, such as pāua reseeding (Pāua Industry Council, 2005).

Figure 6
Graph, Paua Asset Value and TACC
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Orange roughy

In the September 2009 year, the asset value for orange roughy16 was $282 million, a 21 percent increase on the 1996 value of $233 million (figure 7). This is a decrease from the 2008 asset value of $319 million. During the 2009 year TACC was reduced from 13,612 to 12,532 tonnes and catch also reduced (Clement, 2009). Orange roughy’s contribution to the total value of New Zealand’s commercial fish resource decreased from 9 percent in 1996 to 7 percent in 2009.

This decrease in quota accompanied a decrease in export revenue from $63 million in 2008 to $50 million in 2009. The volume of orange roughy exported also fell, yet the dollar per tonne figure rose from $9,358 in 2008 to $12,267 in 2009. The major export destination is the United States of America (73 percent). Other exports destinations are Australia (16 percent) and China (6 percent).

Over the 1996 to 2001 period the value of orange roughy declined 33 percent, to $157 million. By 2000, the recorded catch was 74 percent of total TACC (Clement, 2009). A 23 percent reduction in TACC followed in 2001. From 2001 to 2004 the asset value increased by 107 percent, which may have been a result of high export earnings at the time and a stable TACC. Over the period 2004 to 2007, the asset value for orange roughy steadily decreased, which may reflect uncertainty over stock levels. The TACC was lowered for the 2007 year to 14,721 tonnes. In 2008 the TACC was further reduced by 1,109 tonnes to 13,612 tonnes, and again to 12,532 tonnes in 2009, the lowest level since its introduction into the QMS. Catch was 91 percent of TACC in 2009.

Orange roughy fisheries, like all other fisheries, are managed with the intention of producing the maximum sustainable yield of fish. Over the years, reductions in total allowable catch limits have been made to try and achieve this yield, by allowing more mature fish to be left to breed to help populations rebuild. Information on the stock status of orange roughy, and the corrective actions taken by the Ministry of Fisheries, is available at: http://fs.fish.govt.nz/Page.aspx?pk=16&tk=478.

Orange roughy has eight quota management areas, of which ORH3B shows the largest decrease in asset value. This decrease may be associated with the reduction in this QMA's TACC from 10,500 tonnes in 2008 to 9,420 tonnes in 2009. Reductions in TACC for orange roughy and the effective closure of certain QMAs may be affecting confidence in the species and pushing down ACE transfer prices.

Figure 7
Graph, Orange Roughy Asset Value and TACC
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Snapper

In the September 2009 year, the asset value of snapper17 was $262 million, a 9 percent decrease from the 1996 asset value of $289 million (figure 8). In 1996, snapper made up 11 percent of the total value of New Zealand’s commercial fish resource; by 2009 it had dropped to 7 percent. Over the 1996 to 2009 period, total TACC for snapper declined by around 8 percent. Recorded catch for 1996 to 2009 remained stable, at around 101 percent of total TACC for snapper (Clement, 2009). TACC has been constant since 2006 and is set to remain at 6,357 tonnes for the 2010 fishing year.

In 2009, the highest export price per tonne since 2001 may indicate that increasing commodity prices for food are influencing the export prices received for snapper. In 2009, the majority of snapper exported went to Australia (57 percent), USA (15 percent), and Italy (15 percent).

In 1999 the value of snapper dropped to a low of $185 million. This may have reflected a reduction in exports to Asia due to the Asian economic downturn (Moore, 1999), particularly as Asian economies took a considerable proportion of snapper exports at the time. Also possibly influencing value in the late 1990s was the proposed TACC cuts that were eventually overturned in the Court of Appeal (Antons Trawling v Minister of Fisheries, 2007). The drop in value was followed by a recovery to a high of $298 million in 2003.

After 2003, snapper again declined in value. This decline occurred in the SNA1 fishery which is significantly larger in both TACC and value than the other snapper quota management areas. Snapper are found in New Zealand's warmer coastal waters, especially the northern North Island. Long lining and trawling at shallow depths are the most common commercial fishing methods used (Seafood Industry Council, 2002).

Figure 8
Graph, Snapper Asset Value and TACC
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Ling

In the September 2009 year, the asset value of ling18 was $246 million, a 72 percent increase from the 1996 value of $143 million (figure 9). This is the highest asset value for this species to date. The value of ling in 2009 was 6 percent of the total value of New Zealand’s commercial fish resource.

There was a 10 percent reduction in TACC in 2001, but total TACC returned to its pre-2001 level of around 22,000 tonnes in 2005, and this remains the TACC for the 2009 year.

Recorded catch for 1996 to 2004 remained stable, at around 100 percent of total TACC for ling. Catch declined in subsequent years to an average of 73 percent from 2005 to 2008 and fell further to 60 percent in 2009 (Clement, 2009).

Ling products are mainly exported to Hong Kong (24 percent), Australia (23 percent), and Spain (22 percent).

There were fluctuations in the asset value of ling over the period 1996 to 2009, with decreases occurring in 1998, 2000, 2003, and 2006. Ling is a bycatch in the hoki fishery, so cuts in the hoki TACC may be partly responsible for some of the declines in the asset value of ling fisheries.

Ling is often known by other names including hokarari, kingclip, pink cusk-eel, pink ling, and northern ling. It is a member of the cusk eel family — a group of marine fishes so called because of their appearance. They are marine fishes and not eels.

Figure 9
Graph, Ling Asset Value and TACC
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Hake

In the September 2009 year, the asset value of hake19 was $135 million, an increase of 23 percent from the 1996 value of $110 million (figure 10). In 2009, hake contributed 3 percent of the total asset value of New Zealand commercial fisheries; this is down slightly from 4 percent in 1996.

Total TACC for hake remained stable until 2004 at around 14,000 tonnes. In 2005, the HAK4 TACC was cut from 3,500 tonnes to 1,800 tonnes, resulting in a total TACC of 12,366 tonnes for hake. In 2006, total TACC increased to 13,211 when the TACC for HAK7 increased from 6,855 tonnes to 7,700 tonnes. TACC has been unchanged since then.

Total recorded catch fluctuated between a high of 115 percent of TACC in 1996 and a low of 45 percent in 2008. Catch in 2009 increased to 77 percent for hake (Clement, 2009), and over the whole period from 1996 to 2009, the average was 91 percent.

The decline in the value of hake in 2005 may be associated with the TACC reductions for hoki in the same year. Although some fishing operations do target hake specifically, hake is usually caught as bycatch by mid-water trawlers targeting hoki (Seafood Industry Council, 2009). Research by Motu Economic and Public Policy Research (2004) found that when TACC for hoki is reduced, the value of hake quota falls. The increase in the value of hake observed in 2006 is associated with high values of quota trades in the HAK7 quota management area. The asset value for hake decreased by 25 percent in 2007, and this may have been associated with falls in the export price (dollar per tonne) for hake and conditions in the hoki fishery (see the hoki section).

In 2009, fewer tonnes of hake were exported than in any previous year over the period 2000–09, although hake prices appear to be recovering with the price per tonne increasing to its highest level over the same period. Hake is mostly exported to Spain (62 percent) and Japan (24 percent).

Figure 10
Graph, Hake Asset Value and TACC
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Scampi

In the September 2009 year, the asset value of scampi20 was $132 million, an increase of 14 percent from its asset value in 2005. Scampi is 3 percent of the total asset value of New Zealand’s commercial fish resource.

Recorded catch in the scampi fishery has averaged 60 percent of TACC since 2005, although the percentage of catch has been reducing from 2005. Total TACC for scampi has been set at 1,291 tonnes since 2005 (figure 11).

Major destinations for scampi exports are Japan (50 percent) and the United States of America (16 percent).

Target trawl fisheries for scampi have existed since the late 1980s. The fishery was previously managed with catch limits until scampi was introduced into the QMS on 1 October 2004.

In 2009 there was an insufficient number of trades available to estimate an asset value for scampi. Asset values have therefore been modelled based on the movement in export dollar per tonne values (see ‘Revisions to Fish Monetary Stock Account 1996–2008’ in chapter 1).

Figure 11
Graph, Scampi Asset Value and TACC
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Arrow squid

In the September 2009 year, the asset value of arrow squid21 was $117 million, a decrease of 30 percent from the 1996 value of $167 million (figure 12). Arrow squid represented 6 percent of the total value of New Zealand’s commercial fish resource in 1996 and 3 percent in 2009.

Total TACC for arrow squid increased slightly from 123,332 tonnes in 1996 to 127,332 tonnes in 1999. It has remained constant since then, aside from an in-season TACC increase in 2006 (Clement, 2009). In-season TACC increases are made by the Minister of Fisheries when there is an abundance of squid in the fishery and the industry wishes to catch it. The TACC reverts back to its default value at the end of the fishing year. Recorded catch has fluctuated from a low of 16 percent of TACC in 2000, to a high of 68 percent in 2005 (Clement, 2009). Catch in 2009 was 36 percent of TACC. The catch average from 1996 to 2009 was 42 percent.

The high asset value in 2006 was associated with an abundance of squid in the water, which led to a 20 percent in-season TACC increase in the SQU1T fishery (FishServe, 2006) and a catch of 92 percent (Clement, 2009). As of 1 October 2006, the SQU1T TACC reverted to 44,741 tonnes for the 2006/07 year.

Most exported arrow squid is sold to China (20 percent), Greece (17 percent), and Republic of Korea (15 percent).

Fluctuations in the asset value of the arrow squid may be associated with a number of factors. The arrow squid fishery is variable – arrow squid live for about a year before spawning and the number of squid present every year is dependent on environmental conditions, especially those affecting the survival rate of juvenile squid (Ministry of Fisheries, 2008; Wassilieff & O'Shea, 2009). Also, the Southern Islands SQU 6T fishery may be closed early once a pre-set maximum number of sea lions are unintentionally killed as a result of squid fishery operations.22 The New Zealand sea lion is a threatened species, and its population in the Southern Islands is declining, according to the International Union for Conservation of Nature (IUCN, 2008). This decline represents an additional constraint on the fishery beyond that of TACC (Ministry of Fisheries 2010a). The Ministry of Fisheries sets a maximum limit of sea lion deaths every season; if this limit is exceeded the fishery is closed for the season (Department of Conservation, 2010). As a result it is not uncommon for catch to reach only 45 to 60 percent of quota (Ministry of Fisheries, 2008). Finally, the world market has been dominated by South Atlantic squid over the period from the mid1990s to the mid 2000s, reducing the attractiveness of the New Zealand fishery to potential operators (Seafood Industry Council, 2005).

Squid accounts for just under 70 percent of the total catch in the target trawl fishery, with bycatch species including barracouta, jack mackerel, silver warehou, and spiny dogfish (Ministry of Fisheries, 2008).

Figure 12
Graph, Arrow Squid Asset Value and TACC
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Silver warehou

In the September 2009 year, the asset value of silver warehou23 was $83 million, an 88 percent increase from the 1996 value of $44 million (figure 13). Silver warehou contributed 2 percent of the total asset value of New Zealand’s commercial fisheries in 2009.

From 1996 to 2003, total TACC for silver warehou increased by 5 percent, to 10,380 tonnes, and has since remained stable. Healthy stock numbers, reflected in the increase in TACC for 2003, may be supporting a strong asset value for silver warehou.

New deemed value rates for silver warehou were introduced at the start of the 2008 fishing year to address overfishing concerns (catch in 2007 was 137 percent of TACC). This has resulted in some fishers acquiring ACE or quota, rather than fishing on the deemed value, and is likely to be supporting relatively high ACE and quota transfer prices.

Recorded catch for 2009 was 85 percent and catch averaged 104 percent of total TACC over the period 1996 to 2009 (Clement, 2009).

Silver warehou is closely associated with the hoki fishery as a bycatch species. Recently, most silver warehou catch has been taken as bycatch in the hoki, squid, barracouta, and jack mackerel trawl fisheries (Ministry of Fisheries, 2010d). Catches in SWA 1 increased significantly following the development of the west coast South Island hoki fishery.

Major export destinations are Japan (50 percent), China (29 percent), and Russia (10 percent).

Figure 13
Graph, Silver Warehou Asset Value and TACC
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Tarakihi

In the September 2009 year, the asset value of tarakihi24 was $75 million, a 61 percent increase from the 1996 value of $47 million (figure 14). Tarakihi contributed 2 percent of the total asset value of New Zealand’s commercial fisheries in 2009.

In 2008, a 4 percent TACC increase in the northern tarakihi stock TAR 1 increased the total TACC for this species to a high of 6,439 tonnes (Ministry of Fisheries, 2010f; Minister takes action, 2007). This TACC continued in 2009, and is the highest tarakihi TACC level in its history in the QMS. Recorded catch remained stable at around 93 percent of total TACC over the period 1996 to 2009 (Clement, 2009) and catch for 2009 was 87 percent. Tarakihi has a significant amount of customary and recreational catch in TAR 1, 2, and 3 (Ministry of Fisheries, 2010f).

Most exported tarakihi is sold to Australia (86 percent).

Figure 14
Graph, Tarakihi Asset Value and TACC
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Oreo

In the September 2009 year, the asset value of oreo25 was $74 million, a decrease of 7 percent from the 1996 value of $80 million (figure 15). The 2009 value is also a decrease from the 2008 value of $87 million, which was the highest asset value for the oreo fishery to date. In 2009, oreo contributed two percent of the asset value of New Zealand’s total commercial fish resource.

Total TACC for oreo was 26,160 tonnes in 1996, but by 2009 this had been cut by 29 percent to 18,610. Recorded catch for 2009 was 85 percent and average catch from 1996 to 2009 was 89 percent (Clement, 2009).
The majority of oreo exports are to China (42 percent) and Australia (38 percent).

The value of oreo fell during the 1999 to 2003 period, and again in 2009, after an increase from 2003 through to 2008. This increase may be associated with a shift in the industry as fishing capacity transferred from the orange roughy fisheries to oreo. Oreo is a target fishery but it is also often a bycatch species in the orange roughy fisheries.

The oreo fisheries are made up of four species of oreo: black oreo (Allocyttus niger), smooth oreo (Pseudocyttus maculates), spiky (Neocyttus rhomboidalis), and the warty oreo (Allocyttus verrucosus). Oreo are slow-growing, late to mature, and aggregate around underwater features. One of the most important oreo fisheries is on the Chatham Rise (Minister takes action, 2007).

Figure 15
Graph, Oreo Asset Value and TACC
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Southern blue whiting

In the September 2009 year, the asset value of southern blue whiting26 was $74 million, a 5 percent decrease from the 2000 value of $78 million (figure 16). Southern blue whiting was introduced into the QMS on 1 November 1999, and contributes 2 percent of the total asset value of New Zealand’s commercial fisheries in 2009.

From 2000 to 2009, total TACC for southern blue whiting decreased by 36 percent to 36,948 tonnes. There have been frequent changes to the TACC, for instance in the year ending 2007 the TACC for the SBW 6I quota management area was reduced by 20 percent in an effort to continue reducing the pressure on stock numbers (Ministry for the Environment, 2007; Ministry of Fisheries, 2010e). Recorded catch averaged 76 percent of total TACC for the years 2000 to 2009 and catch for the 2009 year was 86 percent (Clement, 2009).

The majority of exported catch goes to China (65 percent) and Japan (19 percent), usually in the form of surimi.

Stocks of southern blue whiting are almost entirely restricted to sub-Antarctic waters, and the majority of the catch is taken by Japanese surimi and Ukrainian dressed vessels (Ministry of Fisheries, 2008). As these vessels are under contract to the New Zealand resident quota owners, the valuation for southern blue whiting is estimated almost entirely from the value of ACE transfers after 2002.

Figure 16
Graph, Southern Blue Whiting Asset Value and TACC
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Jack mackerel

In the September 2009 year, the asset value of jack mackerel27 was $54 million, a 196 percent increase from the 1996 value of $18 million (figure 17). Jack mackerel is the highest value new entry in the top 20 species by asset value in 2009, contributing 1 percent of the total asset value of New Zealand’s commercial fisheries.

Over the last three years, the average ACE transfer price for jack mackerel has risen strongly, almost doubling for JMA7, which accounts for over 50 percent of the total TACC over the period. Strong ACE transfer prices have resulted in significant increase to the asset value of the stock.

From 1996 to 2009, total TACC for jack mackerel remained virtually unchanged at 60,547 tonnes. Recorded catch in 2009 was 67 percent, (Clement, 2009), and catch over the period 1996 to 2009 averaged 61 percent.

Jack mackerel is exported to many countries including China (25 percent), Georgia (13 percent), Nigeria (11 percent), and Mozambique (10 percent). The dollars per tonne value from exports has been rising steadily; in 2009 this was at $1,874 per tonne which contributed to a total export revenue of $55 million (see table 2 in the appendix), the highest export earnings from jack mackerel over the period 2000 - 2009.

Figure 17
Graph, Jack Mackerel Asset Value and TACC
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Bluenose

In the September 2009 year, the asset value of bluenose28 was $43 million, a 42 percent increase from the 1996 value of $30 million (figure 18). Bluenose contributed 1 percent of the total asset value of New Zealand’s commercial fisheries in 2009.

From 1996 to 2005, total TACC for bluenose increased by 49 percent to 3,233 tonnes, which may have contributed to the increase in the valuation for bluenose. The TACC was reduced for the 2009 fishing year, down to 2,335 tonnes, although this still represents an 8 percent increase from the 1996 figure. The recorded catch for 2009 was 87 percent (Clement, 2009) and averaged 97 percent of total TACC over the 1996 to 2009 period. The high asset value for bluenose in 2003 is associated with a high value of quota, rather than ACE trades in that year.

Most exported bluenose is sold to Australia (68 percent) and the United States of America (31 percent).

Bluenose is a target fishery as well as a bycatch species, especially in BNS2, where it is caught by trawl fisheries targeting alfonsino and gemfish. In BNS 3 the majority of landings are as bycatch in the hoki bottom trawl and ling long-line fisheries (Ministry of Fisheries, 2010b).

Figure 18
Graph, Bluenose Asset Value and TACC
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Barracouta

In the September 2009 year, the asset value of barracouta29 was $40 million, a 13 percent decrease from the 1996 value of $46 million (figure 19). Barracouta contributed 1 percent of the total asset value of New Zealand’s commercial fisheries in 2009.

TACC for barracouta has remained relatively stable since 1999 and unchanged at 32,672 tonnes since 2002. From 1996 to 2009 the TACC for barracouta decreased 2 percent. Recorded catch for 2009 was 81 percent (Clement, 2009) and fluctuated between 66 and 91 percent during the period averaging at 77 percent.

The majority of exported barracouta is to China (42 percent), South Africa (25 percent), and Papua New Guinea (10 percent).

Almost all recorded catch of barracouta is taken by trawlers. It also makes up a large part of the bycatch in the west coast North Island jack mackerel (JMA 7) and the Snares squid fisheries (SQU 1T) (Ministry of Fisheries, 2010c).

Figure 19
Graph, Barracouta Asset Value and TACC
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Stargazer

In the September 2009 year, the asset value of stargazer30 (also known as monkfish) was $39 million, a 16 percent increase from the 1996 value of $34 million (figure 20). Stargazer is a new entry to the top 20 species by asset value in 2009, contributing 1 percent of the total asset value of New Zealand’s commercial fisheries.

Between 1996 and 2009, stargazer TACC increased by 2 percent, with the most recent increase occurring in 2003. Catch in 2009 was 54 percent (Clement, 2009). From 1996 to 2009 catch varied between 43 and 81 percent, averaging at 61 percent.

In 2009 the average export price per tonne was at its highest level since 2001, which may explain its rise in asset value.

Major export destinations include Japan (24 percent), China (24 percent), the United Kingdom (14 percent), and Australia (12 percent).

Figure 20
Graph, Stargazer Asset Value and TACC
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Blue cod

In the September 2009 year, the asset value of blue cod31 was $39 million, a 99 percent increase from the 1996 value of $19 million (figure 21). Blue cod contributed 1 percent of the total asset value of New Zealand’s commercial fisheries in 2009.

From 1996 to 2009, total TACC for blue cod increased slightly (1 percent), from 2,665 tonnes to 2,681 tonnes; this TACC level continued to 2009. Recorded catch for 2009 was 90 percent (Clement, 2009) and since 1996 catch has remained stable, at around 86 percent of TACC.

Higher quota prices led to an increase in the asset value over the period until 2006. This increase in quota prices may have been due to increased export prices (dollar per tonne) for blue cod. The average export price per tonne increased 141 percent over the period 2000 to 2006. Export prices per tonne have subsequently dropped by 33 percent, which may explain the recent drop in asset values.

Major export destinations are Australia (56 percent), Taiwan (30 percent), and Hong Kong (14 percent).

Blue cod fisheries are often associated with rock lobster fisheries, with pots often targeting cod or having a cod bycatch that is then used as bait (Ministry of Fisheries, 2009a).

Figure 21
Graph, Blue Cod Asset Value and TACC
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Dredge oysters

In the September 2009 year, the asset value of dredge oysters32 was $37 million, an 859 percent increase from the 1997 value of $4 million (figure 22). Dredge oysters is a new entry to the top 20 species by asset value in 2009, contributing 1 percent of the total asset value of New Zealand’s commercial fisheries.

In 2009 TACC was 2,100 tonnes, an increase of 316 percent from the 1997 TACC of 505 tonnes. Recorded catch in 2009 was 41 percent of TACC (Clement, 2009), while the average catch over the period 2002 to 2009 was 50 percent.

Dredge oysters’ exports were to the Cook Islands (89 percent) and Vanuatu (11 percent).

Between 2000 and 2003 the Foveaux Strait oyster fishery, an important fishing area for oysters, suffered a parasitic outbreak of Bonamia:

  The dredge oyster fishery in Foveaux Strait is a shared fishery, important to customary, recreational, and commercial fishers. It is also important to the community. The key issue affecting the fishery is the parasite Bonamia that kills mature dredge oysters. Up to two billion oysters were killed by this parasite between 2000 and 2003, with previous outbreaks of the parasite occurring in the 1990s and the 1960s, the result is stock size and catch have both dwindled compared to historic levels, when annual production of 80 million oysters was the norm. The fishery is now considered to be in a rebuilding phase, but the extent of recovery will depend on future levels of mortality from Bonamia (Ministry of Fisheries, 2009b, p 6).

Media coverage of the 2009 fishing year (Recalde, 2009), indicated 2009 was a good year for oyster catch.

Figure 22
Graph, Dredge Oysters Asset Value and TACC
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School shark

In the September 2009 year, the asset value of school shark33 was $35 million, a 12 percent increase from the 1996 value of $31 million (figure 23). School shark contributed 1 percent of the total asset value of New Zealand’s commercial fisheries in 2009.

From 1996 to 2009, total TACC for school shark increased by 11 percent, to 3,436 tonnes. Recorded catch averaged 100 percent of total TACC over the same period; catch for 2009 was 101 percent (Clement, 2009).

Nearly all school shark exported goes to Australia (80 percent), Singapore (9 percent), and Hong Kong (8 percent).

School sharks are usually caught at shallower depths in most fisheries, although they are also caught at depths of 400m or more in the ling and bluenose long-line fisheries and hoki trawl fisheries.

Figure 23
Graph, School Shark Asset Value and TACC


5 Most fish stocks have a 1 October to 30 September fishing year but some have a year ending in February or April. All fish stocks with a year ending in any given calendar year are counted towards that year’s total.
6 For further information see: www.stuff.co.nz/sunday-star-times/news/3235250/Kiwis-battered-by-fish-prices
7 Exports account for approximately 90 percent of the total revenue earned by the New Zealand fishing industry (Ministry of Fisheries). For further information on fishing industry exports see: http://fs.fish.govt.nz/Page.aspx?pk=9&tk=33&cy=2009
8 Initial QMS species are – alfonsino, barracouta, blue cod, blue moki, blue warehou, bluenose, elephant fish, flats, gemfish, grey mullet, gurnard, hake, hapuku and bass, hoki, john dory, ling, orange roughy, oreo, red cod, rig, school shark, silver warehou, snapper, stargazer, tarakihi, and trevally.
9 For more information about the introduction of species into the QMS please see: www.fish.govt.nz/en-nz/Commercial/Quota+Management+System/introduction+of+species+into+qms.htm
10 Where a fisher does not hold sufficient ACE, they incur a financial cost for taking the fish – in the form of being required to pay a deemed value. The system of deemed values is designed to encourage fishers to cover all their catch of QMS fish stocks with annual catch entitlement (ACE). For further information see: www.fish.govt.nz/en-nz/Commercial/Quota+Management+System/Full+QMS+Details/default.htm
11 For further information on this fishery and its stock assessments please see: http://fs.fish.govt.nz/Page.aspx?pk=7&tk=153&sc=HOK
12 For further information on minimum ACE holdings see: http://fs.fish.govt.nz/Page.aspx?pk=81&tk=424
13 For further information on the spiny rock lobster fishery and its stock assessments please see: http://fs.fish.govt.nz/Page.aspx?pk=7&tk=153&sc=CRA
14 For further information on the packhorse lobster fishery and its stock assessments please see: http://fs.fish.govt.nz/Page.aspx?pk=7&tk=153&sc=PHC
15 Pāua is managed under the quota code PAU with ten quota management areas. For further information on the pāua fishery and its stock assessments please see: http://fs.fish.govt.nz/Page.aspx?pk=7&sc=PAU&ey=2010
16 Orange roughy is managed under the quota code ORH with eight quota management areas. For further information on the fishery and its stock assessments please see: http://fs.fish.govt.nz/Page.aspx?pk=7&sc=ORH&ey=2010
17 Snapper is managed under the quota code SNA with six quota management areas. For further information on the snapper fishery and its stock assessments please see: http://fs.fish.govt.nz/Page.aspx?pk=7&tk=153&sc=SNA
18 Ling is managed under the quota code LIN with eight quota management areas. For further information on the ling fishery and its stock assessments please see: http://fs.fish.govt.nz/Page.aspx?pk=7&sc=LIN&ey=2010
19 Hake is managed under the quota code HAK with four quota management areas. For further information on the hake fishery and its stock assessments see: http://fs.fish.govt.nz/Page.aspx?pk=7&sc=HAK&ey=2010
20 Scampi is managed under the quota code SCI with eleven quota management areas. For further information on the scampi fishery and its stock assessments see: http://fs.fish.govt.nz/Page.aspx?pk=7&sc=SCI&ey=2010
21 Arrow squid is managed under the quota code SQU with four quota management areas. For further information on the arrow squid fishery and its stock assessments please see: http://fs.fish.govt.nz/Page.aspx?pk=7&sc=SQU&ey=2010
22 Deepwater (squid) trawl - NZ sea lion accidental capture - see http://fs.fish.govt.nz/Page.aspx?pk=116&dk=587
23 Silver warehou is managed under the quota code SWA with four quota management areas. For further information on the silver warehou fishery and its stock assessments please see: http://fs.fish.govt.nz/Page.aspx?pk=7&sc=SWA&ey=2010
24 Tarakihi is managed under the quota code TAR with eight quota management areas. For further information on the tarakihi fishery and its stock assessments please see: http://fs.fish.govt.nz/Page.aspx?pk=7&sc=TAR&ey=2010
25 Oreo is managed under the quota code OEO with five quota management areas. For further information on the oreo fishery and its stock assessments please see: http://fs.fish.govt.nz/Page.aspx?pk=7&sc=OEO&ey=2010
26 Southern blue whiting is managed under the quota code SBW with five quota management areas. For further information on the southern blue whiting fishery and its stock assessments please see: http://fs.fish.govt.nz/Page.aspx?pk=7&sc=SBW&ey=2010
27 Jack mackerel is managed under the quota code JMA with four quota management areas. For further information on Jack mackerel fishery and its stock assessments please see: http://fs.fish.govt.nz/Page.aspx?pk=7&sc=JMA&ey=2010
28 Bluenose is managed under the quota code BNS with six quota management areas. For further information on the bluenose fishery and its stock assessments please see: http://fs.fish.govt.nz/Page.aspx?pk=7&sc=BNS&ey=2010
29 Barracouta is managed under the quota code BAR with five quota management areas. For further information on the Barracouta fishery and its stock assessments please see: http://fs.fish.govt.nz/Page.aspx?pk=7&sc=BAR&ey=2010
30 Stargazer is managed under the quota code STA with eight quota management areas. For further information on Stargazer fishery and its stock assessments please see: http://fs.fish.govt.nz/Page.aspx?pk=7&sc=STA&ey=2010
31 Blue cod is managed under the quota code BCO with eight quota management areas. For further information on the blue cod fishery and its stock assessments please see: http://fs.fish.govt.nz/Page.aspx?pk=7&sc=BCO&ey=2010
32 Dredge oysters are managed under the quota codes OYS and OYU with twelve quota management areas. For further information on the oyster fishery and its stock assessments please see: http://fs.fish.govt.nz/Page.aspx?pk=7&sc=OYS&ey=2010
33 School shark is managed under the quota code SCH with eight quota management areas. For further information on the school shark fishery and its stock assessments please see: http://fs.fish.govt.nz/Page.aspx?pk=7&sc=SCH&ey=2010

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