‘For fisheries that have low profit margins to begin with, the Jones Act — and specifically the constraint that US-flagged vessels be built in the US — threatens their very viability’ — Mark Working, co-founder and managing partner of Zachary Scott

A century-old US law is threatening the future of the Alaska pollock sector.

The Jones Act — formally Section 27 of the Merchant Marine Act of 1920 — was ostensibly created to protect the US domestic shipbuilding industry. It requires all vessels transporting goods in US waters, including seafood, be built in the US from domestically-sourced materials, be at least 75% owned by US citizens, and be crewed predominantly by US citizens.

Those constraints, combined with higher US labor and steel costs, have left Alaska pollock fishing companies unwilling or unable to undertake new-builds and with no choice but to continue operating 30- or 40- year-old ships, industry sources told Undercurrent News.

“Back in the ’80s, you could build a brand-new [20-foot catcher] boat for $3 million. Now you’re spending $3m with a shipyard just to get plans in place,” Bob Desautel, the chairman of US pollock catcher boat operator Global Seas, told Undercurrent recently. “A catcher boat today costs $55m. Then, you’re looking at up to $400m for a catcher processor.”

In the face of relentless global competition from foreign fleets that are often subsidized by their national governments, the Jones Act contributes to a structural disadvantage for US pollock harvesters and processors, affecting valuations, potential M&A activity and the industry’s long-term future.

Aging assets, uncertain valuations

The Jones Act indirectly mandates that participants in the seafood industry compete on unequal footing in the global marketplace, according to Mark Working, the co-founder and managing partner of Zachary Scott.

His Seattle, Washington-based boutique investment bank provides mergers and acquisitions, capital advisory and strategic financial consulting services to privately held middle-market companies, including many in Alaska’s seafood industry.

“The US seafood industry operates with a relatively inflated cost structure — required by regulation, not because of biology or geography — but earns revenue from selling a commodity in the global marketplace, competing against international producers without the same cost burden. For fisheries that have low profit margins to begin with, the Jones Act — and specifically the constraint that US-flagged vessels be built in the US — threatens their very viability,” he told Undercurrent.

The industry has simply not come to grips with the fact that their quota is limited in value by the fact that their vessels have a set lifespan that is eventually going to run out, he said.

“The biggest issue facing the industry is that the vessels have to be replaced at some point. They’re not forever assets. They are expensive,” Working said. “Funding has to come from borrowing more, which might not be possible in the current environment, or new investor equity, and the large capital expenditures will drag down valuations.”

Between competition from Russia, poor fishing and a bearish 2026 forecast, as reported by Undercurrent, the Alaska pollock sector is struggling, Desautel said. He expects more vessel owners to sell out in the coming years.

“People will be evaluating, looking at how long they want to be in the fishery and who is going to take over when they are gone,” he said.

Additional factors impacting the sector are a higher Japanese yen, higher cold storage and labor costs due to minimum wage increases in Alaska and Washington, a senior banking executive serving Alaska’s seafood sector told Undercurrent. Also, the market has shifted thanks to the drawn-out war in Ukraine,

“It’s tough because so many of the challenges are outside the industry’s control. All those factors create challenges or headwinds that the industry can’t do anything about,” the executive said.

Several major Alaska pollock firms, including Trident Seafoods, Arctic Storm and American Seafoods are carrying “a fair bit of debt,” adding further stress to their balance sheets, the source said.

The significant long-term debt being carried by the sector “is a burden in uncertain times that is pressuring companies,” according to Jana Singleton, a senior vice president with Bank of America, who works closely with the seafood industry in the Pacific Northwest.

“Margins in the captureprocessor business tend to be higher than the other industry subsectors, but long-term financing needs for new or refurbished vessels are substantial,” she told Undercurrent.

Regulatory constraints like the Jones Act are significantly pushing up the cost of doing business for an industry that already faces unpredictable headwinds, Singleton said.

“Debt is a limiting factor on the evolution of the industry. No company would likely have the ability to use cash to build a sophisticated catcher-processor vessel, regardless of ownership, due to the regulatory provisions of building vessels,” she said. “Fortunately, these companies have a very strong financial footing with quota and existing vessel ownership.”

American drama

Perhaps no single company’s situation is more illustrative of the uncertainty facing the Alaska pollock sector than American Seafoods, which had been for sale for nearly a decade until the Seattle, Washington-based fishing firm made the decision to pause its sale process in 2024, citing “dire times” in the surimi market.

“It tells you a lot that they can’t get American Seafoods sold,” the senior banking executive said. “I really thought American would have been sold by now.”

The source continued: “I worked with people in the past few years who made an effort and couldn’t get there. And I’ve talked to other potential buyers and said, ‘Hey, is this something you want to pursue, can we help provide financing? And everyone said they didn’t like the math, or they made an offer that was below what they wanted to sell it for.

“I know they have turned down multiple offers. I suspect if they had a chance to do it over, they might have taken one of those offers, because they were higher than where the market is now.”

The big question mark for American is its vessels, the source said.

“Are they something that people are willing to take a bet on? I don’t know. It seems like pretty steady business but major capex awaits,” he said. “[Potential buyers] are looking at the holistic business picture and the multiple of the cashflow generated by American or other firms is just not working for them.”

Eventually, American will sell, but the timeline is unclear, said C.J. Arrigo, a director at Antarctica Advisors, a specialist strategic advisory service for the global seafood industry.

“That’s the $1 billion question,” Arrigo said. “It’s like Lucy and the football — people get close, and then the ball gets pulled back. Everyone’s waiting, but the math hasn’t worked yet.”

Besides American, though, Arrigo doesn’t foresee many more transactions taking place in the Alaska pollock sector.

“You won’t see the upheaval or the big moves that you saw in the last couple years that were forced by the turmoil we saw,” he said. “You may get some minor consolidation, some putting together of fleets to gain efficiencies.”

The senior banking executive said the sector is not in panic mode, and some companies are doing fine.

“There’s a couple guys on the smaller end that don’t have any debt and do a great job with their boats. They are in great shape but they’re not in a hurry to get bigger. They recognize they’re in a pretty good spot where they can keep making money with what they’re doing,” he said.

Innovation and surimi’s next act

Bright spots for the pollock industry are also seen with product innovations, especially when it comes to surimi, Arrigo said. Processors like Aquamar are getting creative in an effort to leverage the product’s convenience and stability in the fast-growing sushi and grab-and-go market, he said.

“Because it’s cooked, it’s less perishable than the raw ingredients you find in sushi or convenience-store cases. Aquama has seen that opportunity, and others will too,” he said. “There’s also room for innovation in foodservice — especially with fast-food chains looking for new sandwiches or seasonal items during Lent. There’s real potential for companies to move beyond the usual surimi and fish sandwiches, and that’s where the next wave of innovation will come.”

Those opportunities extend to the Amendment 80 groundfishing companies, which Arrigo said “haven’t changed much in decades.”

“Even something as simple as moving from labeling it flounder to yellowfin sole — it’s the same fish, it just sounds more appealing,” he said.

Other obstacles

The Sino-US trade war and other global economic instability caused by US president Donald Trump’s imposition of tariffs on much of the rest of the world are causing additional waves of agita for the industry,

Undercurrent’s sources said.

“The current environment is pushing people to rethink their supply chains and get closer to the customer,” Working said. US tariffs and the US ban on Russian pollock last year have caused a realignment of the Alaska pollock market, with most product now sold domestically. But the industry should be more wary of tariffs, Working said, since they generally cause prices to rise.

Working said the industry was fortunate to win the dismissal of a lawsuit alleging the US government was not doing enough to protect the Bering Sea and Gulf of Alaska from damage caused by trawling for pollock, as Undercurrent reported.

Call for reform

If the industry could collectively take aim at one problem, Working said it’s the Jones Act that must be targeted for reform.

“The act was meant to protect US shipyards, but it’s created an inefficient monopoly,” he said. “American yards build at three to five times the global cost. The result is an aging fleet, higher prices and less competitiveness.”

While the law’s national security rationale still carries political weight, especially with the Trump administration, which has sought to bolster domestic manufacturing, there’s ample evidence that targeted reform, such as allowing foreign-built hulls or the use of imported steel, could benefit US consumers.

“Most Americans are unaware of the Jones Act and the effects it has on everyday purchases. That’s because from the end consumer’s perspective, there’s no explicit Jones Act surcharge on [US-caught seafood], despite a very real increase to price,” he said.

American shipyards, domestic shipping firms and maritime workers have lobbied Congress hard to maintain the status quo, and the success of that campaign can be seen in the staunch support of the act by Alaska’s two US senators, Working said.

Perhaps instead of lobbying for US Department of Agriculture purchases, which have hoovered up a major portion of the US product available on the market, the industry should focus on Jones Act reform, the senior banking executive suggested, saying there’s a political opportunity available in the form of Trump’s “restoring America’s seafood greatness” executive order, issued in April.

“Some kind of Jones Act exemption is the only way they can afford to recapitalize the fleet. And without upgrades, the fleet will never become more efficient,” he said. “We’re at the point where companies need to get a two-for-one on a factory trawler, allowing them to tie up two vessels by the efficiencies gained in one new boat. If you could do that for $125m, that would be great, but you can’t right now,” he said.

The federal government could help further by committing to investments in port and shipbuilding infrastructure, he said.

Another senior banking executive actively working with the Alaska pollock sector said the burden and inflexibility of the Jones Act is putting the US domestic fishing industry at a huge disadvantage that could eventually create an existential crisis.

“The Jones Act isn’t protecting us anymore. It’s pricing us out of the future,” he said.

SOURCE: Undercurrent News

It will be interesting to watch what Silver Bay does next, given the size it has grown to, four financial executives in the US seafood industry told Undercurrent.

Alaska’s salmon sector is still unstable after several difficult years, but one clear winner has emerged from the turmoil: Silver Bay Seafoods (SBS).

Seattle, Washington-headquartered SBS has been on an acquisition spree since 2023, buying OBI’s 50% share of 10 Alaska plants in February and taking over additional plants previously owned by Peter Pan Seafoods and Trident Seafoods last year, as reported by Undercurrent News. It also bought Washington-based value-added processor Orca Bay Seafood in early 2023.

SBS now has more than $1 billion in revenue and controls at least a 60-70% share in processing Alaskan pink and sockeye salmon, according to a senior banking executive serving Alaska’s seafood sector.

“Silver Bay is definitely the big kahuna. What they have built has been amazing to see,” the source told Undercurrent.

“Honestly, I was a little surprised at how much they took on over the last 24 months.”

SBS’s move has been against the grain, as several other historical leaders in Alaska’s salmon industry have pulled back, including fellow Seattle-based Alaska giant Trident Seafoods, which sold four of its Alaska plants in a fire sale last year.

“Silver Bay has made the bet that they can be profitable if they’re the 800-pound gorilla in Alaska, that just by sheer scale, they can be the most efficient,” the source said. “It makes a huge difference for them, allowing them to be a little more flexible and nimble in response to the market.”

The executive said SBS’s business model of having fishermen as owners is another factor in its favor.

“Because those fishermen are locked in and see all the books, they have the trust,” they said.

SBS’s growth has been impressive, according to Mark Working, the cofounder and managing partner of Zachary Scott, a Seattle-based boutique investment bank that provides mergers and acquisitions, capital advisory and strategic financial consulting services to privately held middle-market companies, including many in Alaska’s seafood industry.

“Silver Bay didn’t exist until 2007, so if you think about what they’ve accomplished in the short amount of time they’ve been around, it’s amazing,” he said.

The company’s emergence as the biggest player in Alaska’s salmon industry “might actually be good for everybody” in the industry, making it more likely that economic decisions will be made to maximize profits, which hasn’t been the case for all companies in Alaska’s salmon sector in recent years, Working said.

“Other companies will largely will follow them on prices. It means the fishermen are going to get paid a fair price, and not face boom-bust cycles of companies making blowout offers one year and then unable to operate the next, like with what happened in 2022 and 2023. It also means good prices in the marketplace, with greater consistency for everyone. There won’t be the big swings we saw in previous years.”

However, Working and other financial experts interviewed by Undercurrent said Alaska’s salmon industry is still in transition.

SBS has now realized most of the gains it can through consolidation and scale, and now must focus on improving the quality of its salmon products, Working said.

“The benefits of Silver Bay’s model will fund the next phase of innovation. Their next phase will be to attack quality,” he said. Further plant-level consolidation is likely, although within entities, Working said, as new highly efficient plants are built to replace old infrastructure.

“With all the indirect costs having been squeezed out, direct production efficiency is the only remaining path to higher profits and a sustainable future,” he said.

Quality will be the centerpiece of the next chapter of Alaska’s salmon industry, Antarctica Advisors director C.J. Arrigo agreed.

“In the past, there’s been such harsh, intense competition between the Tridents, the Peter Pans, the Silver Bays, and now that Silver Bay is the big kahuna, they can focus more on quality,” he said.

SBS’s acquisition of Orca Bay will likely help this transition, given its history of innovation.

“They are going to have to take some of that creative stuff that Orca Bay did and really do something to grab the full margin,” Arrigo said.

“In the long run, I think you’ll see the industry move away from the pure ‘dump it at the docks’ mentality to being more vertically integrated and value-focused through the whole supply chain.”

Ultimately, Alaska’s salmon sector — led by SBS — must insinuate itself further downstream, working to get more Americans to buy wildcaught, domestic salmon in the grocery store or out for dinner, according to Jana Singleton, a senior vice president with Bank of America, who works closely with the seafood industry in the Pacific Northwest.

Even in a tough market, Singleton said, “There are always opportunities and ways to make challenges become opportunities.”

SBS needs to be a leader in discovering the answer to the question “How much power does the Alaskan seafood space have to [move the needle on] the perennial question of increasing seafood consumption?” Singleton said.

“Consumers need to know there are other choices out there for consumers who [are concerned about] where their food comes from and what it takes to get their food to them, and who understand the benefits of feeding their family with Alaska seafood,” Singleton said.

Knowing that the US consumer has a variety of choices that they can bear the price points for, even in times of lower consumer income, that choice does not have to be the traditional or past focus on canned salmon, which generally is going to have a lower price point.”

SOURCE: Undercurrent News

Global seafood consolidation is accelerating, fueled by cash-rich buyers, private equity, technology adoption and resilient demand.

Seafood M&A activity is expected to remain robust in the coming months, following a strong performance in the first half of 2025, according to investment experts who spoke with IntraFish.

According to an IntraFish tally, a total of 34 deals have closed so far this year.

The volume of deal activity is driven by companies needing to adapt to a range of evolving factors, including resource access, regulatory shifts, technological advances, geopolitical dynamics and sustainability challenges, Jon Gardar Gudmundsson, a partner at MAR Advisors, told IntraFish.

“The mega trends in the industry are the same as always, and those support consolidation. The industry is still fragmented, with high volatility of fishing volumes and prices, supported by high demand,” he said.

Ignacio Kleiman, managing partner at investment banking firm Antarctica Advisors, said that despite concerns earlier in the year about tariffs potentially slowing deals, the market has remained resilient across the global supply chain.

“To be frank, my expectations during the first half of the year were that things were going to slow down a bit, but that has not been the case.”

Some producers absorbed a portion of tariff costs, while distributors passed onhigher prices to consumers, helping maintain margins, Kleiman noted.

“The industry has been pretty nimble in trying to find ways to minimize theimpact of the tariff. It all depends where in the value chain you are,” he said.

“Strategic players have been doing very well,” Kleiman added. “They are cash-richor have been reducing debt aggressively. Private equity is definitely cash-rich. Banks continue to lend and support the M&A activity actively. So I’m happy to saythat things are good.”

Different subsectors can have different drivers for M&A, depending on where inthe value chain a company sits, Gudmundsson said.

Overall, the seafood industry does benefit from economies of scale, “and I don’tsee many companies that want to remain small with a niche focus,” he added.

Regional factors create challenges, as well as opportunities.

In Iceland, for example, time will tell whether its recent legislation on increasedfisheries fees could lead to further M&A. In Norway, it remains to be seewhether management teams wait or push ahead with M&A ahead of the generalelection this autumn.

So far, this year has seen quite a lot of activity on the M&A side and this willintensify once pending new regulations in Norway and elsewhere really comeinto play and become effective, Norway-based Seafood Corporate Advisorspartner Jorgen Horntvedt said.

Norway is expected to remain a hub for everything in aquaculture, includingdeals. Norwegian players can, however, put value both inside and outside ofNorway.

The pending general election in Norway this autumn could result in lower taxeswith a surge in investments as a potential effect if the Conservative side gets amajority, which then could put capital “into productive use.” Horntvedt said.

Horntvedt cautioned that deals will not continue to increase at their current paceif the low salmon prices remain. “People and companies need to make money topay for deals.”

Further deals in the feed space, for example, will likely hinge on Mowi’s sale of itsfeed business and the potential valuation of it if divested.

A sale or no sale of the Mowi division, could come with a bit of soul searchingfrom feed and other seafood companies on how to improve their businessmodels, increase efficiencies, and consider upsrteam and downstream inclusionsvia acquisitions.

Technology is a driver

The technology space is also likely to see high deal activity going forward, partlyas new technologies are creating competitive advantages and companies need tobe able to invest to stay in the game.

“This drives M&A,” Gudmundsson said.

Horntvedt also anticipates the tech sector will drive deals.

“It goes without saying that a technology shift will eventually happen on allaspects that monitor fish. Deep tech companies will increasingly be targeted byinvestors, including from VC firms up to industry buyers,” Horntvedt said.

Despite potential hiccups and macro-economic uncertainty, activity for theremainder of the year will likely remain high, Gudmundsson said.

“The current global uncertainty can also create opportunities.”

“We always need to be on our toes in this industry. One part of this is toconstantly look for opportunities to acquire, merge or sell off assets,” Gudmundsson said.

Big deals so far

The seafood M&A year kicked off with a bang when Mowi announced it wouldpay NOK 7.4 billion (€629 million/$655 million) to gain control of fellowNorwegian producer Nova Sea in a deal that would boost its global productioncapacity by around 10 percent.

That same month, Indian supply chain platform Captain Fresh completed theacquisition of Polish smoked salmon processor Koral.

In another standout deal, US-based Silver Bay Seafoods took a stake in Alaskarival OBI Seafoods, securing control over a major volume of the state’s wildsalmon harvest.

SOURCE: IntraFish

‘The main reason why we did it is obviously that they’re a big player in domestic and imported scallops and we’re a big player’ — Ken Melanson, Atlantic Sustainable Catch

Don’t look now but a giant scallop-shaped creature has risen off the coast of the US state of Massachusetts. It’s Northern Wind.

There were multiple motivations for Atlantic Sustainable Catch (ASC) to acquire the downstream division of Atlantic Capes Fisheries and fold it into its New Bedford, Massachusetts-based operation, merging two major US scallop producers to create one giant, Ken Melanson, ASC’s chairman and CEO, told Undercurrent News in an interview on Thursday (Jan. 16).

The deal gives Northern Wind — acquired by Washington, DC-based investment firm Acon and rolled into ASC in October 2021 — a much larger footprint in the scallop arena and makes better use of existing facilities, he said.

Northern Wind will now have combined production of about 20-22 million pounds (9,070-10,000 metric tons) of scallops annually, Melanson estimated. That includes roughly 10m lbs of domestically caught scallops and 10-12m lbs of imported scallops, he said.

That would account for roughly half of all the scallops sold in the US, based on National Oceanic and Atmospheric Administration (NOAA) landings data that shows 16m lbs harvested domestically and NOAA trade data that projects to roughly 26m lbs of imports in 2024.

At a minimum, such numbers would make Northern Wind one of the world’s three largest scallop producers alongside Eastern Fisheries and East Coast Seafood’s Seatrade International, which are also based in New Bedford, sources advised.

“The main reason why we did it is obviously that they’re a big player in domestic and imported scallops and we’re a big player,” Melanson said of the deal involving Atlantic Capes, adding: “With the quotas going to where they’ve been going, and they continue to go down, we’re at like 30% capacity in our facility here.”

The facility Melanson mentioned is Northern Wind’s 120,000-square- foot processing operation in New Bedford, which went through a major $12m expansion in 2019. It’s been upgraded practically every year since, he said.

By relocating Atlantic Capes’ scallop production out of its roughly 60,000-70,000 square foot processing facility in Fall River, New Jersey, the New Bedford plant instead will be able to operate at about 85% of its capacity, Melanson estimated. Fall River will be the plant used to handle other production, including especially co-packing and value-added products, he said.

“We close this deal, and there’s basically no CapEx that we need to do,” he said.

Another motivation for the acquisition was that the companies had little overlap. Melanson said Northern Wind was strong in club store, foodservice and wholesaler relationships, while Atlantic Capes had better ties with small supermarket chains and other retail outlets.

Melanson confirmed that the deal for Atlantic Capes makes ASC a roughly $500m-plus-turnover North American shellfish group as earlier reported by Undercurrent. The acquisition includes Atlantic Capes’ Galilean Seafoods, a large hand-shucking plant in Bristol, Rhode Island.

Overseeing the sale was Barry Cohen, a lawyer who took over as chairman of Atlantic Capes after the death of his brother, Danny, who built up the company. The family was guided in its sale by Antarctica Advisors, a seafood-focused corporate finance boutique, as earlier reported.

Also, as reported earlier, Jeff Bolton — a 21-year executive and the former CEO at Atlantic Capes — has been named president at ASC, though Melanson remains in the top spot as the CEO and chairman of the parent company.

Other management moves are not expected as a result of the merger, Melanson said.

“For the most part, all of the management team [at Atlantic Capes] came along and, we’re a month into it, but it seems to be going well. So yeah, everybody, mostly all of the employees that were working at Atlanta Cape, for the most part, have joined us,” he said.

Holding the highest post at a $500m seafood firm is impressive for Melanson, a New England son who began working in the seafood industry as a fish cutter when he was just 18 — 50 years ago — and co- founded Northern Wind in 1987 along with Michael Fernandes.

The Cohen family will retain its large fishing fleet of 17 vessels, which handle scallops among other species, as part of the deal, Melanson said. But the vessels will maintain a “tether agreement” that commits their scallop catch only to ASC companies.

ASC gained control of the Atlantic Capes Fisheries name for use on products for at least 18 months, Melanson said. However, the company will likely migrate all Atlantic Capes products to be sold under NorthernWind’s four main brands: Five Star Premium Scallops; Captain’s Call for Scallops; Mariner’s Choice Scallops; and Sea Spray Scallops.

However, Melanson said Northern Wind would add a new brand if itmade sense.

Why the deal took so long

Undercurrent began reporting on talks between ASC and Atlantic Capes as long ago as 2021. It emerged Acon’s ASC was the only remaining bidder for the company in January 2023 before a letter of intent was signed in April of the same year.

Then, during the 2024 Seafood Expo North America in March, sources said talks were still on, and a deal was close. At the time, one executive said an agreement could be reached before the start of the new scallop season in April 2024. This prediction proved to be optimistic as the
deal only closed a few weeks ago.

What took so long?

“It was just a complicated deal, and the reason why it was mostly complicated is because we didn’t buy the whole thing,” Melanson answered. “We didn’t buy all the boats. We just bought the IQF custom packing and the marketing division. So we have to separate a bunch of stuff, and certainly, when you get two people in a room, and somebody thinks it’s worth $5 and you only want to pay a dollar for that particular piece of it, it’s complicated. It just really is.”

He added: The [transition service agreements] and stuff were 40 pages
long for crying out loud.”

But the conditions in the scallop market were ripe for consolidation, Melanson said. As reported by Undercurrent, the New England Fishery Management Council voted, 15-1, on Dec. 5 to recommend a new set of Atlantic scallop harvesting rules that would result in projected landings of 19.75m lbs worth $348.25m during the 2025-26 season, which begins on April 1, 2025.

That would represent a 25.6% reduction from the 24.2m lbs in projected landings for the limited access fleet during the 2024-25 season. However, because the catch this season looks more likely to wind up far less than that projection, next year’s harvest might not compare quite as badly.

“Obviously, we’re going to get a little bit of a haircut in the 2025 quota,” Melanson commented. “You see imported scallops getting more expensive. The price of Japanese scallops went from $9.00 a pound to $15.00/lb. You see now domestic go from $14.00, $15.00/lb to $22.00,” he said.

“Anybody who understands our business knows that you need to buy 80% to 90% of all of your needs in the first month of the season, which is only five, six months. That’s it. And if you don’t cover that then, and you’re trying to buy scallops like they’re doing now or paying these prices, then you’re not in the scallop business.”

Decision pending on future acquisitions

Might ASC soon make other acquisitions? Answer: Melanson said there’s nothing currently in the pipeline but he wouldn’t rule it out.

“We’re always looking for deals,” he said. “When you are with a private equity, that’s what they do.”

Melanson spoke generally about the kinds of acquisitions Acon might make in the future, saying the company wants “to get as close to the resource as possible and get to the end user deep, deep into the market on the retailer side.”

Melanson was careful to note that ASC sells other products, too, including squid, tuna, clams, crawfish, mahi-mahi, snow crab, and alligator meat. The two key species, however, are scallops and lobster, he said.

SOURCE: Undercurrent News.