Land-based salmon producer secures first sales agreement as biomass triples

Editorial Staff

The company began producing Atlantic salmon at its Oyama facility in Japan in October 2022.

Land-based salmon farmer Proximar Seafood has announced a significant increase in biomass and secured its first sales agreement as part of its ongoing production update.

As of the end of Q2 2024, Proximar’s biomass stood at 360 metric tonnes, a threefold increase from the 112 metric tonnes recorded at the end of Q1 2024.

“We are very pleased with the positive development in our biomass throughout the second quarter. Water quality remains excellent, which is reflected in our growth curves and low natural mortality. Our first batch averages over 3.25 kg, and we remain on track for our first harvest in September,” said CEO Joachim Nielsen.

Proximar currently has 15 batches in production, totaling approximately 1.6 million fish. The company’s long-term goal for Phase 1 is to harvest 5,300 tonnes (HOG) per year.

In addition, Proximar has finalized its first sales agreement, securing a fixed price per kilogram for a significant portion of its 2024 harvest. This agreement covers roughly one-third of the expected volumes for the year and is expected to yield a price premium over imported Atlantic salmon from Norway.

“We are excited to finalize our first sales agreement, achieving a sales price that meets our expectations for a significant part of our 2024 harvest. This milestone underscores our business model and cost advantage. The customer, a high-end seafood chain, adds substantial value in terms of branding and marketing,” Nielsen said.

In June, a sample fish weighing approximately 4.8 kg was provided to the customer for tasting and quality checks, receiving positive feedback.

Marubeni, which is handling sales, reports strong interest in Proximar’s fish, with several other discussions ongoing.

Proximar will provide its next update in the Q2 2024 report, scheduled for release on August 23, 2024.


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