First auction on transferrable fishing quotas opening new market of seafood capture quotas

June 6, 2011 10:28
In early June 2006 transferrable fishing quotas for commercial operations in the Russian Far East Basin were put up for auction for the first time, according to Russian Fish Insider Report published by http://www.megafishnet.com/.

The auction covered shares of squid, saury and herring quotas. At auction the quota shares appreciated from RUR5,750,000 to RUR47,495,000 for squid lots, RUR29,160,000 to RUR30,326,400 for saury lots and from RUR7,030,000 to RUR8,787,500 for herring lots.

The auction for sale of transferrable fishing quotas was conducted as a state service of Russia's Federal Fisheries Agency for the nation's fishing companies, therefore all the proceeds from sales will be transferred to the profit of the company owning the right for capture.

According to the Agency, the first auction should give rise to development of civilized market of capture quota shares as well as to formation of statistics base of quota shares costs which will encourage mechanism of quota shares mortgage practices.

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