Japanese Atlantic salmon producer closing in on first harvest

Editorial Staff

As of the end of Q1 2024, the standing biomass was 111.9 metric tons.

Oslo-listed land-based salmon farmer Proximar Seafood expects to harvest its first Atlantic salmon in September 2024.

Proximar, the first producer of Atlantic salmon in Japan, continues to progress towards its initial harvest, supported by consistent biological conditions, stable water quality, and good fish health, the company announced on Thursday.

“Proximar is the first producer of Atlantic salmon in Japan, years ahead of the competition. We continue to be on track for our first harvest in September this year,” said Joachim Nielsen, CEO of Proximar Seafood.

Operational activities are ramping up in the post-smolt grow-out (PSG) building as planned. The second module of the PSG will be operational during Q2, with the remaining two modules expected to follow in H2 2024.

Proximar operates its first production facility at the foot of Mount Fuji in Japan. The company targets an annual production of 5,300 tons (HOG) in Phase 1, with a gradual increase following the initial harvest.

Estimated combined harvest volumes for 2024 and 2025 are projected to be around 4,700 tons (HOG).

As of the end of Q1 2024, the standing biomass was 111.9 metric tons, up from 39.8 metric tonnes at the end of Q4 2023. By mid-May, the biomass had reached 188 tons.

“We are pleased to see the standing biomass increase at pace, whilst the growth of the fish remains according to expectations,” Nielsen said. “Despite some start-up related problems resulting in mortalities, we remain confident in our targeted volumes. Fish health and safety remain our key priority going forward.”

First Quarter 2024 Highlights:

  • Continued growth of fish stock, with total biomass at 111.9 metric tons by the end of Q1 2024.
  • Increased operational activity in the post-smolt grow-out building, now handling multiple batches.
  • Raised NOK 165 million ($15.35 million) in a private placement and repair offering.
  • Extended the repayment date for the JAML loan until December 2025.
  • Strengthened the production team, remaining on track with the staffing plan.

Market Outlook

The market for Atlantic salmon in Japan continues to show positive growth and robustness, according to the company. Although high salmon prices in Japan have eased somewhat since the end of 2023, they remain at attractive levels.

Proximar has a long-term off-take agreement with its Japanese sales and distribution partner, Marubeni Corporation, for all produced volumes. In March, Marubeni launched a dedicated Proximar division to enhance the marketing and sales of Proximar’s land-based Atlantic salmon.

“We are ramping up our sales and marketing activities together with Marubeni, as we progress towards the first harvest. I’m confident that our strategic partnership with Marubeni provides unmatched access to the Japanese market,” said Nielsen.


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