P.E.I. fishermen 'optimistic' about spring lobster season amid record prices

Island fishermen are anticipating the start of the spring lobster season in a few weeks with a heightened sense of optimism.

In areas where the season has already begun, the catch is fetching record prices. Some fishermen in the Maritimes are reporting getting as much as $20 a pound for their lobster.

"It makes us feel really good. The fishermen are optimistic," said Charlie McGeoghegan, chair of the Lobster Fishers of P.E.I. marketing board. 

Last spring, lobster prices in P.E.I. hit record prices, starting the season at the highest they've been in 15 years.

But expenses have climbed up for fishermen since then, with McGeoghegan saying they're four times higher than they were five years ago.

"The price of fuel of course, that's up almost a dollar a litre over last year, and that's one of our biggest expenses," he said.

"With the cost of that, and the cost of bait, the price needs to be high to keep revenues where they need to be."

Prices are now hovering around $15 per pound. While they usually drop a bit once Island fishermen hit the water, McGeogheghan said they won't go down by much more because demand is high while supply remains low.

"Nova Scotia on the live side, usually has five to eight million pounds before our season starts, and they don't have any," he said. 

"It's nice to see that more countries are eating lobster than ever before. So, it's come to a point that there's more people looking for lobster than we have lobster available, and that's a good spot to be in."

'New York prices'

For Island restaurants that serve lobster, the news is not as good.

Coady Campbell, manager of Water Prince Corner Shop, is crunching the numbers to see what his business will need to charge for lobster rolls to turn a profit.

"If it's $12 [per pound] you'd probably have to charge $35 for a lobster roll to really make it profitable. Islanders aren't going to pay $35 for a lobster roll," Campbell said. 

"It doesn't work. So I mean, either restaurants are going to have to start taking lobster items off the menu, or sell it at a loss."

Campbell said the high price of lobster and rising expenses elsewhere will put a damper on what is expected to be a busy tourist season.

"People are going to expect to pay a high price for a lobster in New York City or Tokyo," he said. 

"Now that we're paying potentially New York prices here when the lobster is fished not so far away, that's the real challenge and maybe the scary part."

McGeoghegan said his industry, however, depends on prices staying high.

"It's good for the whole economy, and definitely good for our whole industry," he said. 

"If prices stay high, it's good for fishers and the economy. If it drops, it won't be good."