February 20, 2018 / 7:55 AM / a month ago

Bakkafrost sees salmon supply growth slowing to 2 pct at end of 2018, strong market

OSLO, Feb 20 (Reuters) -

** Bakkafrost CEO Regin Jacobsen sees slowdown in salmon supply growth during 2018

** Expects global salmon supply growth rate at the end of 2018 to slow to around 2 percent

** “Global supply next quarters will be more limited and will come down to around 2 percent at the end of this year,” Jacobsen said while presenting Q4 earnings on Tuesday

** In total for 2018, Bakkafrost expects a supply growth of 6 pct compared to 2017

** Jacobsen added that “we expect demand growth of at least 8 pct”

** “We expect a strong market... we are on a high level but we expect prices on salmon to be relatively high,” Jacobsen said

** More salmon in Q4 resulted in a price drop of 18.14 Norwegian crowns to 50.16 crowns in Q4 vs Q3, but Bakkafrost’s earnings beat analysts’ forecasts

** CEO said: “We had lower costs in the quarter, high weight on the fish and also relatively good achievement on prices” (Reporting by Ole Petter Skonnord, editing by Terje Solsvik)

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