Another tie-up could have serious implications for crab fishery, seafood analyst warns
FFAW harvesters remain committed to not fishing with current pricing formula
A seafood industry analyst says he doesn't see any immediate financial benefit for Newfoundland and Labrador's fishery by delaying another crab season but the ongoing dispute could pay off in the future.
Crab harvesters in the province remain committed to not fishing under a pricing formula set at a minimum of $2.60 per pound. In a press release Tuesday, the Fish, Food & Allied Workers union said its members cannot fish under that price formula, chosen by the province's price-setting panel.
The crab season is set to begin in some areas on Saturday.
But as the situation remains in limbo, Boston seafood analyst John Sackton told CBC News a delay to this year's season will likely take away from both harvesters and processors in the province while inflating the fishery in the Gulf of St. Lawrence.
"That price is going to shoot up, beyond what the market can take, and buyers are going to lock in product," Sackton said Thursday.
"Then when they turn around and the Newfoundland product is being offered to them, they're going to say, 'We don't need it,' and so that price is going to go down."
But there are some possible bright spots for the future, and the groundwork happening now could lead to success down the line, Sackton said.