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Russian Fishery Company (RFC) is set to apply for “investment quotas” for two more factory trawlers, as it plans to spend $615 million on six vessels and a plant in its home country.

On Wednesday, RFC announced it and the country’s fisheries agency has recently signed the agreements on the company’s investment quota allocation. RFC will receive an additional 170,000 metric tons of pollock and herring quota once the six trawlers and on-shore fish processing factory are commissioned. A seventh trawler, which will be the first built, will be constructed outside Russia. 



“We are planning to apply for an investment quota for two more large-capacity trawler-processors, for which the company has an option, once the Federal Agency for Fishery announce the second action for rest of the Far East “investment quota” allocation,” said Andrey Teterkin, CEO of RFC.

The vessels are designed for more than 50,000t of annual catch and producing pin-bone out fillets and surimi. Currently, the Russian fleet is focused on headed and gutted (H&G) pollock production. Commissioning of the vessels is scheduled for the period from 2021 to 2023.

“The construction of modern, large-capacity trawler-processors and coastal processing facilities allows us to process up to 100% of the catch into high value-added products, said Teterkin.

RFC will invest $600m in the vessels and a further $15m in the processing factory, which will have a daily output of more than 100t of value-added products, the company said.

In a previous statement, RFC said the factory's production mix will include "ready to cook" items, "which meets the RFC’s focus on the entire value chain for the end consumers". 

Also, RFC plans to get cod and haddock investment quotas for building a plant in Russia’s northwest. The government has set June 26 as the date for the process to decide on this, a RFC spokesman told Undercurrent News.

RFC is planning on partnering with Agama on the cod and haddock plant. For the pollock and herring plant in the Far East, the company is teaming up with Vladivostok Sea Fishing Port.

The spokesman confirmed the six vessels mentioned do not include the first one, which will be built outside the country. The company plans to commission the first 108-meter vessel in 2020, then two more in 2021, 2022 and 2023.

The first was to be built in Spain, at Metalships & Docks in Vigo. However, the company spokesman previously told Undercurrent this plan has now changed and the trawler will be built at another yard outside the country. He was unable to provide more information on which yard, however. This will mean the company will not get investment quotas for this vessel.

During the Brussels seafood show, RFC’s CEO Teterkin told Undercurrent the company will be a major surimi producer by 2024.

RFC’s fleet of seven new “super-trawlers” will be able to produce up to 85t of pollock fillets, 80t of pollock surimi, 50t of mince, 60t of herring fillets and process 250t of raw material into fishmeal every day, he said.

“The key is flexibility,” Teterkin told Undercurrent, of the planned product mix. “We promised three or four years ago to change the face and the nature of the Russian fishing industry. We are gradually moving in that direction, with the help of the government, who was smart enough to offer this very good incentive, with the investment quota program. It’s changing the dynamics in the industry.”

By 2024, H&G could drop to 12% production, with surimi 50% and fillets 38%, according to a presentation given by the company at the Brussels show. 

However, the company also presented other 2024 scenarios where H&G is a higher percentage of the output. 

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Russian Fishery Company (RFC) is set to apply for “investment quotas” for two more factory trawlers, as it plans to spend $615 million on six vessels and a plant in its home country [...]

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