Denmark: Fisheries law revision, Royal Greenland’s financials upending Greenland’s seafood sector

Revisions to Greenland’s fisheries law were approved on 16 May and became law on 19 May, bringing changes to how Greenland’s seafood sector must operate moving forward.The law, which has a 10-year-transition period, will require all companies conducting commercial fishing to be based in Greenland and create flexible individual species quotas that can fished or traded, according to Sermitsiaq. It will also institute minimum prices to be paid for fish and expand coastal fishing rights from 3 miles to 12 miles out to sea. First introduced in November 2023, the bill has been hotly debated for months. Seafood accounts for 90 percent of Greenland’s exports by value and 30 percent by volume, and fishing is a vital commercial lifeline for many of Greenland’s isolated communities. The law has been criticized by Royal Greenland and Polar Seafood Greenland – Greenland’s two largest seafood companies. No changes to Royal Greenland's shrimp quotas are included in the law, Royal Greenland ...