Marketer may explore alternative markets

Daron Letts
Northern News Services
Published Friday, March 28, 2014

HAY RIVER
Economic and political waves caused by Russia's annexation of Crimea in the Northern Ukraine earlier this month may reach Great Slave Lake, according to the largest buyer and seller of NWT fish.

"The current political environment in that part of the world is a serious concern to us," said John Wood, CEO of Freshwater Fish Marketing Corporation. "We've gone a long way to developing our sales into Russia in five years."

Freshwater, which purchases all commercial freshwater fish caught in the NWT, sells about a third of its white fish to Russia. The company also markets fish from Manitoba and Alberta.

During the 2012/13 season, 19 Hay River-based fishers and eight non-resident fishers supplied 245,752 kg of export-grade white fish to the Winnipeg-based company. Initial payments for all commercial species caught in that period were above $500,000.

Since 2010, Freshwater has marketed white fish to Russian buyers. The company has been encouraging the NWT Fisherman's Federation to increase its volume of white fish to meet the large global demand.

Durga Liske, Freshwater vice-president of operations, told News/North 400,000 kilograms of processed white fish is a production goal, with more room for growth as the market increases.

However, the political rift between Russia and G7 nations may force Freshwater to take their goods elsewhere. Canada and other countries have imposed economic sanctions in retaliation to Russia's actions.

Freshwater has other markets to pursue if needed, Wood said.

"We've got more markets than fish at the moment, so I think if we run into difficulty in Russia we'll be able to switch the volume to some other market," he said. "We're concerned about the political situation, but we do have other markets that would take that volume if we had it available to them."

Because Freshwater is a certified kosher supplier, the company has achieved a large market among New York's Jewish population, Wood said. Northern Europe and Scandinavia also have a high demand for the product, he added.

Some of Freshwater's white fish is sold domestically.

Lake Trout, inconnu and pickerel are among the other commercial species purchased from the NWT by Freshwater.