Scottish Fleet Financial Performance_2005 Mid Year Review

Summary

Average gross earnings for North Sea and West of Scotland whitefish vessels are fairly stable compared to 2004. The marked increase in fuel costs, and high spend on leasing days at sea and quota have diminished average net profits for vessels in this segment compared to 2004. On average, over 24 metre whitefish vessels are expected to make a small loss or break- even, while under 24 metre vessels are expected to just cover their operating costs. Nephrops vessels struggled with poor weather early this year, and landings have varied by area, with North Sea landings up. Nephrops vessels also encountered higher fishing expenses than last year and therefore net profits are expected to be lower.

Author

• Seafish Economics

Publication date

01 July 2005