Comparative Economics of Four Aquaculture Species Under Monoculture and Polyculture Production in Guam

Financial analysis, which included breakeven, net present value, internal rate of return, present value index, payback period and financial ratios, was carried out on data from three aquaculture farms located on Guam. The analysis included four primary species, Macrobrachium rosenbergii, Chanos chanos, Clarias batrachus , and a hybrid Oreochromis mossambicus × O . niloticus , and two culture methods, monoculture and polyculture. Asian catfish, Clorias batrachus , monoculture showed the greatest capital return. The use of NPV, PVI, IRR, and payback period as decision criteria also resulted in the selection of Asian catfish monoculture from the alternative species and culture methods considered. Tilapia polyculture had the lowest return on investment (less than 1%) and required 92% of the total production to reach the breakeven point. The application of the analysis methods presented provide a means for management to reduce financial risks and make informed choices between alternative strategies.     

Simulating the economic viability of Nile tilapia and Australian redclaw crayfish polyculture in Yucatan, Mexico

Tilapia culture in rural communities in the state of Yucatan, Mexico, has been increasing in recent decades. Polyculture of tilapia with other more commercially valuable species provides an opportunity to substantially improve the economic yields of rural producers. The economic viability of implementing Nile tilapia with Australian redclaw crayfish in polyculture was analyzed using profitability indicators such as internal rate of return (IRR) and net present value (NPV). A bioeconomic model was developed to simulate three production densities, accounting for investment recuperation in time horizons of 5, 10 and 15 years. Simulations showed a notable improvement in profitability when farms adopt the polyculture strategy, particularly over the 5-year horizon. Nile tilapia with Australian redclaw crayfish polyculture shortens investment return time and buffers risk related to changes in tilapia sale price. Of the three studied polyculture combinations the optimum outcome was achieved with medium redclaw crayfish density.     

Economic analysis of cobia (<Emphasis Type="Italic">Rachycentron canadum</Emphasis>) cage culture in large- and small-scale production systems in Brazil

Economic feasibility studies regarding aquaculture systems are relatively scarce, but they are important to potential investors and for the allocation of resources for research and technological development. This study evaluated the economic viability of cobia cage culture from the actual investment and operational costs of a large-scale operation off Recife, northeastern Brazil (industrial system; IS), and a family-run farm located in a near-shore area of Rio de Janeiro (familiar system; FS). The IS had twenty-four 1607 m³ floating cages deployed at a depth of 24 m, while the FS had six 75 m³ wooden cages installed in a sheltered 6- to 7-m-deep area. Analyses of profitability (gross revenue, operational profit, cost price and break-even production) and investment (net present value—NPV; and payback time) were performed. An analysis of sensitivity was also carried out. The IS required an initial investment of approximately US$ 1.5 million dollars and was more sensitive to FCR, selling price and productivity fluctuations than the FS. The FS required a relatively small initial investment (US$ 16,000 dollars), which makes it more flexible to variations in production parameters and market fluctuations. The NPV was positive for both systems, and the payback times were estimated to be 3.88 years for the IS and 2.07 years for the FS. Therefore, given the assumptions of this study, cage culture of cobia in Brazil may be considered economically feasible in offshore production systems and in near-shore, FSs. Governmental support through decreased import taxes is recommended as a way to accelerate the early development of the cage culture of marine fish in Brazil.     

Economics of joint production of sturgeon (Acipenser transmontanus Richardson) and roe for caviar

Costs, revenues, net income and rate of return on investment of rearing sturgeon for production of both meat and roe for caviar are analyzed by a computer simulation model for three sizes of hatchery-growout operations: capacities for handling 5, 10, and 15 broodstock. Biological relationships regarding growth, feed consumption, sexual maturity, and mortality interact with management decisions about stocking density, age at which part or all of the fish are marketed, and size of plant to yield the economic performance measures under several scenarios. Spline functions are used to estimate functional relationships between growth (weight) and age while the mortality is described by logistic functions. The biological data were obtained from the University of California, Davis, Aquaculture and Fisheries Program, and various commercial sturgeon producing firms in California. When sturgeon roe prices are less than $331 per kg, the firm receives a greater rate of return on investment by marketing all production fish at 18.5 months of age. With roe prices greater than $331 per kg, higher rates of return on investment are obtained by retaining female fish through sexual maturity (from 6 through 10 years of age) and harvesting the roe as well as the meat. Results are presented under the specification that all but 4000 fish are sold at age 18.5 months. Two thousand females from those 4000 fish are raised beyond 36 months of age for roe production. Economies of scale were exhibited as the firm's capacity expanded to 15 broodstock.     

Economic feasibility of Pabda and stinging catfish culture in recirculating aquaculture systems (RAS) in Bangladesh

Recirculating aquaculture system (RAS) is a unique approach that offers total control to culture a wide variety of aquatic species. As capital investment is higher for setting up RAS, it is necessary to conduct an economic feasibility analysis based on real data. A structured questionnaire was used to collect all economic and technical data on two catfish species, viz., Pabda (Ompok pabda) and Shing (Heteropneustes fossilis), cultured in an RAS farm. The ultimate objective was to estimate net cash flow, net present value (NPV), profitability index (PI), payback period, discounted payback period, internal rate of return (IRR), and sensitivity analysis to find out the best profitability indicators. The analysis revealed that the IRR were 4% and 16% for Pabda and Shing production, respectively. However, for Pabda and Shing productions, the payback periods were 15 years and 4 months and 6 years and 2 months, respectively. The NPV value was positive for Shing production and negative for Pabda. On the other hand, the PI was lower than one for Pabda production and higher than one for Shing production. Therefore, the results showed that the Shing production in the RAS facility could be economically feasible; however, Pabda production may not be viable in RAS due to lower production and longer culture period. This study may suggest that by increasing the production capacity of the farm and market price of the product through the proper supply chain and by decreasing the initial investment, cost of fingerlings and feed, profitability can be achieved in RAS in Bangladesh.

     

Tooth size and skin thickness in mature sockeye salmon: evidence for habitat constraints and variable investment between the sexes

Abstract –  Pacific salmon develop many sexually dimorphic features at maturity, and the extent of development varies among populations. In this study, we compared a suite of traits including body length, body depth, jaw length, tooth size and skin mass in male and female sockeye salmon breeding in beach and creek habitats. Both tooth size and skin mass varied positively with body length. Within each of the breeding habitats, males had longer teeth than females, and within each sex, beach spawners had longer teeth than creek spawners. Males also had heavier skin than females in each habitat but, unlike the case with tooth size, creek spawners showed a much stronger relationship between skin mass and body length than did beach spawners. Tooth length was positively related to jaw length and skin mass among individuals within a given sex and habitat. Taken together, these results suggested that variation in tooth size parallels variation in other sexually dimorphic traits. Males and beach spawners tend to exhibit large trait values relative to females and creek spawners, and 'well-endowed' individuals displayed high values of all traits rather than a trade-off as might occur if investment in one trait compromised investment in others. However, the finding that creek fish tended to have thicker skin for a given body length than did beach fish suggested that factors other than merely defense against conspecifics during battle, such as abrasion and desiccation resistance in small streams, may influence the evolution of skin mass in mature sockeye salmon.     

The effects of heavy metals on embryonic development of fish (a review)

Early developmental stages of fish are particularly sensitive to water pollution. Heavy metals may affect various developmental processes during the embryonic period, which results in a reduction of offspring quantity and quality. Waterborne metals may accumulate in the gonads of spawners and adversely affect gamete production and viability, or exert direct toxic influence upon developing embryos. The egg shell does not fully protect the embryo against metal penetration, particularly during the swelling phase; thus, metals may accumulate in the egg. The results depend on metal concentration and range from developmental disturbances to death of the embryo. Metals disturb various processes of fish embryonic development and affect the development rate. Early stages just after fertilization are particularly sensitive to metal intoxication, when most disturbances and the highest embryonic mortality occur. Waterborne metals also promote developmental anomalies during organogenesis, including body malformations. Heavy metals often induce a delay in the hatching process, premature hatching, deformations and death of newly hatched larvae. All these disturbances result in reduced numbers and poor quality of the larvae, which show small body size, high frequency of malformations and reduced viability.     

Economics of risk and uncertainty of alternative water exchange and aeration rates in semi‐intensive shrimp culture systems

Abstract

Reducing water exchange in shrimp aquaculture to minimize discharge of pollutants is a search for sustainability. In desert regions, like most of northwest Mexico, low water exchange must be complemented with artificial aeration to compensate for low levels of oxygen in warm and highly saline water. The economic yield of a low‐water‐exchange production system is compared against yield from a typical water‐exchange‐without‐aeration system for Penaeus vannamei culture. The difference between two systems is centered on pumping and aeration rates for a 100 ha semi‐intensive farm in northwest Mexico.

A bioeconomic model was built to compare the systems. Risk analysis is adopted to account for uncertainty of seed price, shrimp growth rate, survival rate, and shrimp prices.

The typical system was slightly more profitable than the low‐water‐exchange, aerated system. The latter used less electricity than the former in all of the three mortality‐rate scenarios. However, the difference in profitability is so small that for practical purposes both production systems provide similar economic yield. For a typical system, the probability of reaching a positive net present value (NPV) is high, therefore under the assumed risks, a 100 ha semi‐intensive shrimp farm in northwest Mexico is a good investment choice.     

OPTIMAL SIZE OF FINGERLING TO UNDERSTOCK IN CATFISH GROW-OUT PONDS: AN APPLICATION OF A MULTI-PERIOD INTEGER PROGRAMMING MODEL

This article developed a multi-period linear programming model to identify the optimal size of fingerling to understock to maximize multi-period returns on a catfish grow-out farm. Grow-out production alternatives included understocking three different sizes (7.6 cm, 12.7 cm, and 17.8 cm) of fingerlings in multiple-batch production at 15,000 fingerlings per hectare. Fingerlings were produced either with or without thinning at different stocking densities. Results showed that the optimal size of fingerling to understock was 12.7 cm. On-farm production of fingerlings was optimal across all farm sizes but the fingerling production technique selected varied with farm size. Models of larger farm sizes indicated that it is optimal to thin fingerlings, while for smaller farm sizes, producing fingerlings without thinning was optimal. When farm size was treated as an endogenous variable in the farmer's profit-maximizing decisions, the optimal size of a catfish farm was 404 water-ha. Sensitivity analyses suggested that net returns were sensitive to changes in the key parameters of the model (such as interest rates, feed conversion ratios, survival rates, catfish prices, harvesting costs, and the availability of operating capital), whereas the optimal size of fingerlings to understock was robust to variations in the model's parameters.     

RISK ASSESSMENT OF A SHRIMP AQUACULTURE INVESTMENT IN FLORIDA

A stochastic simulation model was developed to examine the impact of risky economic variables on the profitability of a small-scale shrimp farm. Sources of risk included input and output prices, random-kill events, and hurricane damages. Success was measured using the probability distribution of the net present value (NPV). A baseline model that assumed capital costs of $493,993, a stocking density of 100 shrimp per m², a harvest survival of 80%, and a discount rate of 8% failed to generate a positive NPV. Subsequently adding a $0.66 price premium also failed to establish a positive NPV. Further reducing initial capital costs by 50% resulted in a 2% probability of a positive NPV. Incrementally reducing the discount rate generated increasingly positive NPV probabilities ranging from a 9% probability of success (7% discount rate) to a 94% probability of success (3% discount rate). Additional analyses suggested that probabilities of financial success were also sensitive to random-kill and hurricane events.     

Temporal Variation in Egg and Larval Productivity of Eyestalk Ablated Spawners of the Prawn Penaeus monodon from Cook Bay, Australia

This paper reports on the variability in spawner performance and viability of the eggs and larvae of Penueus monodon from a single geographical region (Cook Bay, Australia). Data is presented from seven separate experiments spawning eyestalk ablated P. monodon conducted between Sep tember 1992 and July 1994. These experiments used 200 spawners from which 290 spawns were assayed. Total egg and larval (Nauplius, and ha,) production values per prawn were calculated and were significantly different ( P < 0.05) between experiments. Spawner weight and number of spawns per prawn also varied significantly between experiments and, although these factors afiected egg and larval productivity, they accounted for only a small percentage of the observed variability. The cause of this variation is unknown but it may be due to differences in the age of the spawners and to seasonal environmental effects. The variation in reproductive success of wildcaught spawners probably reflects differences in overall condition of the spawners and/or their nutritional status at different times. Understanding the causes of variation in productivity is important if hatcheries are to improve the reliability of supply of larvae for the prawn farming industry.     

The economic viability for the production of live baits of White Shrimp (Litopenaeus schmitti) in recirculation culture system

Sportfishing is a growing segment in the fishing sector, which requires the supply of marine shrimps to meet the demand for live baits; however, the extraction of white shrimp from their natural habitat results in overfishing depleting natural stocks. Intensive cultivation in water recirculation system is a worldwide trend for shrimp farming, which, in addition to increasing productivity, minimizes the impact of effluent emission on the environment, reinforcing sustainability. This study analyzed the economic viability of establishing farms for the cultivation of white shrimp (Litopenaeus schmitti) in water recirculation system to meet the market demand of sportfishing for live baits. The indicators were used: internal rate of return (IRR), net present value (NPV) and payback period (PP). The best scenario, with 90 % survival rate and unitary selling prices of US$ 0.50, showed IRR 11.74 %, NPV (10 %) US$ 1,241.88 and PP 5.71 years, demonstrating financial risk for the production of live baits in the conditions proposed in this study.     

Larval growth rates differ in response to seasonal temperature variations among clupeoid species inhabiting the Pacific coastal waters of Japan

Growth rates of round herring Etrumeus teres, Japanese anchovy Engraulis japonicus, and Japanese sardine Sardinops melanostictus larvae respond differently to seasonal temperature variations in Sagami Bay on the Pacific coast of central Japan. Larvae of these three clupeoid species were collected from small seine net catches between February 2008 and April 2009. Correlations between otolith growth increment widths and ambient temperatures were examined at five body sizes and indexed to otolith radii of 50–175 μm, which corresponded to notochord lengths of 15–24 mm. Round herring larvae showed positive correlations between growth rate and habitat temperature at all five body sizes. In contrast, Japanese sardine larvae did not show significant correlations between growth rate and ambient temperature at any of the five body sizes. Japanese anchovy larvae showed significant but weaker correlations between growth rate and temperature than round herring. Although these three species share habitats with some differences in seasonal occurrence in the bay, they showed different species-specific responses to seasonal habitat temperature variations. These differences in response to temperature variations may constitute an ecological basis for different migration patterns among the three species.     

Determining an optimal mesh size for use in the lampara net fishery for eastern sea garfish, Hyporhamphus australis

Abstract  The selection properties of three experimental mesh sizes were examined in the lampara net fishery for eastern sea garfish, Hyporhamphus australis (Steindachner), in New South Wales, Australia. The sizes of fish retained in 25-, 28- and 32-mm mesh nets were compared with those retained in a control 12-mm mesh net. The 25-mm mesh net retained significant numbers of immature H. australis , the 28-mm mesh net retained predominantly only mature fish and the 32-mm mesh had very low catch rates. Catch rates decreased linearly with increasing mesh size and there was a significant linear relationship between mesh size and the 50% selection size ( L ₅₀ ). Given this species is being overfished, the 28-mm mesh size is recommended as the most appropriate for use in the fishery.     

BIOECONOMICS OF CAPTURE-BASED AQUACULTURE OF COD (GADUS MORHUA)

This study formulates and parameterizes a bioeconomic model of capture-based aquaculture (CBA) of cod (Gadus morhua). The model is solved for the optimal harvest pattern and calculates economic profit and net present value for a model farm. The biological sub-model incorporates knowledge from interviews with existing farmers, research trials and existing cod aquaculture literature. Economic components are obtained from interviews and sales statistics from exporters. A farm of the modeled scale is likely to influence market prices, hence sales prices were estimated assuming a supply response based on the price elasticity. Taking into account the opportunity cost of selling the fish directly, NPV is found to be marginally positive. Sensitivity analysis revealed that profitability is sensitive to changes in several parameters. Hence, further research is valuable and care should be taken when considering investments in cod CBA.     

Distribution and abundance of South-west Atlantic anchovy spawners (Engraulis anchoita) in relation to oceanographic processes in the southern Brazilian shelf

The reproductive environment of the South-west Atlantic anchovy, Engraulis anchoita , in the southern Brazilian coast was investigated using maritime weather reports from the US National Climatic Center. These reports were summarized to yield seasonal distributions of sea surface temperature, wind stress and Ekman transport for 2-month segments of the seasonal cycle. The vertical oceanographic structure and dynamics were studied using temperature and salinity data collected from oceanographic cruises. The seasonal distribution and biomass of South-west Atlantic anchovy spawners were estimated by acoustic surveys. Anchoita spawns intensively off southern Brazil during winter and early spring when the Ekman transport is directed onshore, and the combined effects of freshwater run-off and the flow of cold water near the bottom result in a strong vertical stability over the continental shelf. During this season, primary production peaks due to nutrient input from Sub-Antarctic waters and freshwater run-off. These conditions would avoid dispersal of eggs and larvae offshore and favour the production and maintenance of fine-scale food particle aggregations required for successful first feeding of newly hatched larvae. In summer, the conditions are almost reversed and anchoita spawners are virtually absent from the area. Thus, the spawning strategy of anchoita in southern Brazil seems to be tuned in a way to optimize larval retention, minimize exposure to turbulent mixing and take advantage of enhanced plankton productivity.     

Implications of using small meshed gillnets for the sustainability of fish populations: a theoretical exploration based on three case studies

The study explores the impacts of varying gillnet mesh size and fishing level on yield per recruit (Y/R), escapement spawning stock (ESS) and mega‐spawners (MS) of three widely distributed freshwater fishery target species. Y/R is maximised when the optimal length of capture (L_cap) is above the size of maturity (L₅₀). However, the unimodal shape of gillnet selectivity results in lower impacts to ESS and MS with both smaller and larger mesh sizes. Under conditions of moderate exploitation, the fraction of MS was significantly larger if small meshed gillnets were used. This is due to the relatively smaller cumulative vulnerability from small mesh sizes through time, as they target a smaller size range of fish, which also grow more quickly through the vulnerable window due to higher growth rates. Therefore, unlike trawls and beach seines, which select all size classes beyond the minimum length of capture (L_c), small meshed gillnets are not necessarily destructive and may rather promote sustained production by allowing a higher proportion of the spawning biomass to remain in the stock. The work also helps to explain the observation of sustained fish production in many developing countries despite the persistent use of gillnets of small mesh size that target small, under‐sized individuals.     

Floating hatchery and net cage culture of Penaeus indicus in the Straits of Johore,Singapore

A simple floating hatchery system with partially submerged tanks (bags made of flexible, plastic-coated fabric) was used to rear the larvae of Penaeus indicus. A total of 1.96 million active nauplii were reared in 6000-l tanks at average densities of 67 nauplii and 42 nauplii/l of tank capacity. Development time from spawning to metamorphosis was 9 days and the average survival rate of nauplii to age PL6 was 49%. From age PL6, post-larvae were reared in nursery net cages (6 × 3 × 0.6 m) in the sea. At densities of 50 000–60 000 post-larvae/cage, the average survival rate from age PL6 to age PL20–22 was 78%; from age PL20–22 to age PL37–44 at densities of 25 000/cage it was 83%.One batch of juveniles was stocked in a prawn pond at age PL27 and another was stocked at high densities in two sizes of net cages at age PL37–50. The prawns grown in the pond reached a mean size of 9 g after 76 days (at age PL103). In large net cages (5 × 5 × 2.5 m) stocked at a density of 80/m², prawns reached a marketable size of 9.8 g after 113 days (at age PL157) with an average survival rate of 32%.Based on these results, the costs of producing post-larvae and juveniles using the floating hatchery and nursery net cage system and of producing live prawns of marketable size by net cage culture were calculated. Modifications in the net cage culture techniques employed are recommended to improve growth and survival rates and reduce production costs.     

架子网选型试验网模水槽试验报告

近几年，水产科技工作者相继研制出多种结构形式的架子网，试图解决架子网大量损伤幼鱼问题，最典型的有开口式、腹洞式、八片式三种，这些网在增产和释放幼鱼方面各具特色。为了选出一种最佳网型，我们于１９９１至１９９２年进行了架子网选型试验。选型以传统架子网为参照，三种典型为参选图，分别进行实网生产对比试验和网模水槽试验，优选出最佳网型。本文着重介绍网模水槽试验方法、内容及结果。     

Contrasting population demographics and reproductive investment of white crappie in three eutrophic reservoirs

Abstract White crappie, Pomoxis annularis Rafinesque, provides important sport fisheries across North America but sometimes exhibits slow growth and fails to reach sizes acceptable to anglers. Three dissimilar white crappie populations were studied to assess whether differences in growth were associated with size and age at maturity and subsequent larval production. Similar to other species, female white crappie matured at younger ages and smaller sizes and contained larger ovaries in the population with the slowest growth; this population also had the lowest annual mortality. Larval production (number m^?3) in this population was intermediate to that of the other populations. Attempts to improve growth of white crappie in the slow‐growing population will probably be hindered by these individuals’ greater reproductive investment, which reduces the amount of energy available for somatic growth.