The spot-forward relationship in the Atlantic salmon market

This study examines the Fish Pool salmon futures contract with respect to how well the market performs in terms of the futures price being an unbiased estimator of the spot price and whether the market provides a price discovery function. Using data for 2006–2014 and with futures prices with maturities up to 6 months we find that spot and lagged futures prices are cointegrated and that the futures price provides an unbiased estimate of the spot price. We also find that, with the exception of the front month, that the causality is one-directional. The spot prices lead futures prices between 1–6 months maturity. Hence, while the spot and lagged futures prices are unbiased estimates, we do not find support for the hypothesis that futures prices provide a price discovery function. Rather, it seems that innovations in the spot price influence futures prices. This finding is not uncommon in new and immature futures contracts markets. Hence, the salmon futures market is still immature and has not yet reached the stage where futures prices are able to predict future spot prices.     

Studies with experimental transmission of heart and skeletal muscle inflammation in Atlantic salmon, Salmo salar L.

Heart and skeletal muscle inflammation (HSMI) is a transmissible disease causing mortality in farmed Atlantic salmon, Salmo salar L. It is characterized by epi-, endo- and myocarditis and myocardial necrosis, as well as myositis and necrosis of red skeletal muscle. The present paper describes two infection experiments, with the aim of further exploring the infectivity and pathogenesis of HSMI. In both experiments, Atlantic salmon were intraperitonally injected with putatively infective material. The first experiment was carried out in fresh water, using cardiac tissue, blood plasma and cell cultured material as inoculates. In the second experiment, various tissues sampled from fish in the mid-outbreak phase were used to inoculate experimental fish in sea water. Also, cardiac tissue sampled before and after the outbreak phase was used. Finally, cardiac tissue pre-treated with chloroform was tested. In both experiments, all inoculates resulted in cardiac inflammation during the study period of 8 weeks. Early cardiac changes included perivasculitis and endocarditis, which were observed from 1–3 weeks post-challenge (p.c.). Focal myocarditis first appeared 3 weeks p.c., and the number of fish showing myocardial changes at 8 weeks p.c. was high in all groups. A possible mechanism for the development of HSMI is discussed.     

COMPETITIVENESS OF U.S. AQUACULTURE WITHIN THE CURRENT U.S. REGULATORY FRAMEWORK

Increased attention has been paid in recent years to both positive and negative effects of increasing numbers of regulations on businesses in the United States. The decline in U.S. aquaculture has been attributed in part to increasing volumes of imports and high feed prices. However, there is increasing concern that the U.S. regulatory environment, as compared to that of international competitors, may also have contributed to this decline. More than 1,300 laws apply to U.S. aquaculture and even though the majority has been issued by individual states and apply only to specific types of aquaculture businesses in that state, the cumulative regulatory burden has increased over time. Major compliance categories include: 1) environmental management; 2) food safety; 3) legal and labor standards; 4) interstate transport of aquatic products; 5) fish health; and 6) culture of commercially harvested species. A substantial portion of the regulatory burden is the managerial and labor time spent on compliance in addition to the direct cost increases. The streamlined one-stop process adopted in Norway appears to have allowed growth of aquaculture within a comprehensive regulatory framework, yet the lack of such a streamlined approach in the United States appears to have contributed to the decline of existing industries and to serve as a deterrent to investment in newly emerging technologies. Favorable regulatory environments in countries that export to the U.S. contrast sharply with the increasingly inefficient, cumbersome and/or restrictive U.S. environment. Such disparities have created competitive disadvantages for U.S. producers. Attention is needed by policy makers to search for streamlining mechanisms and by the scientific community to address the growing competitive disadvantage to U.S. aquaculture to respond to increased global demand for farmed seafood.     

Assessment of infectious salmon anaemia virus prevalence for different groups of farmed Atlantic salmon, Salmo salar L., in New Brunswick

Abstract Infectious salmon anaemia (ISA) virus (ISAV) has been causing disease in New Brunswick since 1996. As a control measure, all fish in an outbreak cage are killed. The objective of this study was to compare ISAV prevalence in cages experiencing an outbreak with healthy cages from the same farm, neighbouring farms and distant farms. Atlantic salmon from five different groups were tested using an RT-PCR test. Groups included moribund fish from a cage experiencing an outbreak (A), healthy fish from an outbreak cage (B), healthy fish from a negative cage from a farm experiencing an outbreak in a different cage (C), healthy fish from a negative farm near an outbreak farm (D), and healthy fish sampled at a negative farm located in an area with only negative farms (E). Apparent prevalences (standard error) for the different groups (A-E) were 0.94 (+/-0.026), 0.41 (+/-0.062), 0.29 (+/-0.040), 0.08 (+/-0.037) and 0.08 (+/-0.037), respectively. All groups were significantly different (P < 0.002) from each other except for groups B and C and groups D and E. Because the prevalence of the virus was significantly higher in the outbreak cage (B) compared with other sites, early harvest of outbreak cages will remove one source of virus. However, ISA negative cages (C) that remain on the positive farm may potentially act as a viral reservoir.     

U.S. seafood consumption

U.S. seafood consumption has changed dramatically in recent decades and has become increasingly dominated by the consumption of a limited number of species that are primarily imported and predominantly sourced from aquaculture. In getting to this point, the United States has been, and still is, at the forefront of some of the most important trends in global seafood markets. Hence, discussing the factors influencing U.S. seafood consumption patterns is an interesting and informative endeavor and will most likely also have strong predictive power for the continued development of seafood markets in the United States. In this article, we will discuss the transitions in the U.S. seafood market, primarily focusing on the period from 1990 to the present, highlighting the main factors that facilitated this development. This article provides an overview of U.S. landings, aquaculture production, exports, and imports and also explores contributing trends in global export and import markets. This will be followed by a discussion of U.S. per capita consumption patterns and an examination of the consolidation of species consumed over time. Finally, implications for future trends in seafood consumption and production are discussed.     

Tracking shifts in Atlantic mackerel (Scomber scombrus) larval habitat suitability on the Northeast U.S. Continental Shelf

Climate change has altered the oceanographic environment and subsequently the habitats of marine species. Fish and invertebrate populations’ responses to habitat include movement with latitude and depth to remain within their fundamental niches. The northwest Atlantic mackerel (Scomber scombrus) population has fluctuated over the last century due in part to changes in the environment. We used species distribution models to understand the influence of the physical (temperature) and biological (zooplankton) environment on mackerel larval abundance, and how such relations have determined larval habitat suitability in the Northeast U.S. Shelf. Atlantic mackerel larval presence and abundance correlated with sea temperature and copepod abundances, suggesting that larval survival may be sensitive to specific temperatures and zooplankton prey. Predicted abundances were spatially interpolated to estimate Atlantic mackerel larval suitable habitat. Metrics for habitat quality indicate that the Mid‐Atlantic Bight has become less suitable over time. Since the 1970s, the proportion of Northeast U.S. Shelf suitable habitat located in the Mid‐Atlantic Bight has decreased, as southern New England and the western Gulf of Maine regions have become more suitable. Habitat suitability within the Northeast U.S. Shelf has shifted northeast: from the Mid‐Atlantic Bight‐southern New England border towards the northeast portion of southern New England. While total Northeast U.S. Shelf habitat suitability has decreased since the 1970s, the decline in the time series trend was not statistically significant. Thus, while select ecoregions have decreased in habitat suitability, larval habitat does not appear to be the only contributor to decreases in the U.S. Atlantic mackerel contingent.     

Lack of evidence for vertical transmission of SAV 3 using gametes of Atlantic salmon, Salmo salar L., exposed by natural and experimental routes

Pancreas disease (PD) is an important cause of losses in farmed salmonids in Norway, the United Kingdom and Ireland. As the spread of salmonid alphavirus (SAV), the causal agent, to naïve populations is of major concern to the farming industry, it is important to uncover the transmission routes of the virus. This study was conducted to investigate the potential for vertical transmission of SAV subtype 3. Progeny of broodstock with signs of late‐stage PD and persistent RT‐PCR signals for SAV were followed from fertilization to smoltification in an experimental facility. Fertilized ova were either not disinfected or taken through one of three different disinfection regimes. Also, ova and milt from uninfected broodfish from a different population were exposed to a cell‐cultured strain of SAV 3 immediately before fertilization to simulate a viraemic phase in parent fish. A group of uninfected controls were also included in the study. Fertilized ova from bath exposed and negative control groups were double disinfected. Following fertilization, experimental fish went through a normal freshwater phase. However, fry were stressed at first feeding to enhance replication of possibly latent virus. Smoltification was induced by an artificial light regime, and experimental fish were followed to the late smoltification phase. Selected samples were investigated by real‐time RT‐PCR for SAV, by histology for evidence of PD and by serology for neutralising antibodies against SAV. All analysed samples of progeny were negative. This result shows that SAV 3 is not readily transmitted vertically from parents to offspring. Additional negative PCR results from salmon sampled in commercial hatcheries support these findings. Also, recent studies have shown that risk factors for the horizontal transmission route explain the vast majority of PD outbreaks in Norway. It is concluded that if it happens at all, vertical transmission is of minor importance in the spread of SAV 3.     

Growth and survival of Atlantic salmon, Salmo salar L. fed different dietary levels of astaxanthin. Juveniles

Atlantic salmon, Salmo salar L., juveniles, with a mean initial weight of 1.75 g, were fed casein-based purified diets which had been supplemented with different levels of astaxanthin for a 10-week period. The astaxanthin content of the diets ranged from 0 to 190 mg kg^?1 dry diet. The growth and survival of the juveniles were recorded throughout the experiment. The proximate composition, astaxanthin and vitamin A content were determined from whole-body samples at the start and termination of the experiment. The dietary treatment was found to affect growth significantly (P < 0.05). A reduction in the mean weight of the juveniles was observed in the groups fed the diets without astaxanthin supplementation. There was no difference in growth rate between the fish in the groups fed the diets containing 36 or 190 mg astaxanthin kg^?1 dry diet, whereas the fish in the group fed the diet containing 5.3 mg astaxanthin kg^?1 dry diet had a lower growth rate. There was a tendency to higher survival in the groups fed the diets containing astaxanthin when compared with the groups fed the non-supplemented diets. The moisture and ash contents were significantly lower and the lipid content was higher in the groups fed the astaxanthin-supplemented diets. The astaxanthin and the vitamin A concentrations in the fish were found to be dependent upon the dietary astaxanthin dose; the highest values were found in the fish fed the diet with the highest astaxanthin content. These results strongly indicate that astaxanthin functions as a provitamin A for juvenile Atlantic salmon. The body storage of vitamin A increased in the fish fed the diets containing astaxanthin. However, the increase was low in the fish fed the diet containing 5.3 mg astaxanthin kg^?1 dry diet.     

From Atlantic to Pacific: Price links in the US wild and farmed salmon market

Abstract

In 1990, the US International Trade Commission stated that Atlantic and Pacific salmon species did not share a substitute relationship in any of the product forms. This result is contrary to economic demand studies that show a substitute relationship for Atlantic and Pacific salmon species. Time‐series results reported in this paper are consistent with the earlier demand studies and show evidence of an equilibrium price system that includes Atlantic, chinook and coho salmon species for the US market. For these three salmon species a substitute relationship cannot be rejected. However, we observe only weak price links across the three different species in the different US regional markets.     

Tuna and swordfish catch in the U.S. northwest Atlantic longline fishery in relation to mesoscale eddies

To analyze the effects of mesoscale eddies, sea surface temperature (SST), and gear configuration on the catch of Atlantic bluefin (Thunnus thynnus), yellowfin (Thunnus albacares), and bigeye tuna (Thunnus obesus) and swordfish (Xiphias gladius) in the U.S. northwest Atlantic longline fishery, we constructed multivariate statistical models relating these variables to the catch of the four species in 62 121 longline hauls made between 1993 and 2005. During the same 13‐year period, 103 anticyclonic eddies and 269 cyclonic eddies were detected by our algorithm in the region 30–55°N, 30–80°W. Our results show that tuna and swordfish catches were associated with different eddy structures. Bluefin tuna catch was highest in anticyclonic eddies whereas yellowfin and bigeye tuna catches were highest in cyclonic eddies. Swordfish catch was found preferentially in regions outside of eddies. Our study confirms that the common practice of targeting tuna with day sets and swordfish with night sets is effective. In addition, bluefin tuna and swordfish catches responded to most of the variables we tested in the opposite directions. Bluefin tuna catch was negatively correlated with longitude and the number of light sticks used whereas swordfish catch was positively correlated with these two variables. We argue that overfishing of bluefin tuna can be alleviated and that swordfish can be targeted more efficiently by avoiding fishing in anticyclonic eddies and in near‐shore waters and using more light sticks and fishing at night in our study area, although further studies are needed to propose a solid oceanography‐based management plan for catch selection.     

Heart and skeletal muscle inflammation in Atlantic salmon, Salmo salar L: a new infectious disease

Heart and skeletal muscle inflammation (HSMI) is a disease syndrome of unknown aetiology first observed in farmed Atlantic salmon, Salmo salar, in 1999. In the present study we have demonstrated for the first time that HSMI is an infectious disease. It was induced in Atlantic salmon post-smolts after injection with tissue homogenate from farmed Atlantic salmon previously diagnosed with HSMI. The lesions were also induced in cohabitating salmon given a corresponding injection without tissue homogenate. Six weeks post-challenge the fish that had been injected with tissue homogenate developed a serious epicarditis and myocarditis with mononuclear cell infiltrations in compact and spongy layers of the heart. Similar lesions were found in cohabitants after 10 weeks. The lesions were consistent with samples from field outbreaks of HSMI. No lesions were found in control fish. A viral aetiology is strongly suggested, as no difference in disease induction between an inoculum containing antibiotics and a non-treated inoculum was found. Further investigations are required in order to make conclusions regarding the cause and pathogenesis of HSMI.     

Effect of marine Eubothrium sp. (Cestoda: Pseudophyllidea) on the growth of Atlantic salmon, Salmo salar L.

Atlantic Salmon, Salmo salar L., experimentally infected with marine Eubothrium sp. were kept together with uninfected salmon in the laboratory for 11 months in two tanks, 80 infected and 80 uninfected in each tank. The infected fish had a reduced growth rate compared with the uninfected fish. Significant differences in growth between infected and uninfected fish were not observed until several months post-infection. There was no correlation between the number of Eubothrium sp. and fish weight, indicating that even low intensity alters the growth rate of the salmon. The cestode had the same effect on both sexes of salmon. Haematocrit level was found to be significantly lower in infected compared with uninfected salmon in one of the samples during the experiment.