Baffin Fisheries orders Canada’s largest fishing vessel
Funding has been secured and a contract has been signed for the construction of an uncluttered and specially designed 80 meter stern trawler, which will be delivered in February 2024 to Baffin Fisheries.
The company called on Norwegian naval architect Skipsteknisk for the design of the new vessel, which will be built at the Tersan shipyard in Turkey.
Now the largest Canadian-owned fishing vessel, the new trawler will have a fishing capacity of 1,320 tonnes of Greenland halibut (turbot) frozen at sea or 930 tonnes of cold water shrimp.
“This is a great achievement for a 100% Inuit company that is only 20 years old,” said Baffin Fisheries president David Alexander in Iqaluit.
“The new vessel will allow us to immediately increase benefits to communities in Nunavut and improve employment opportunities and working conditions for our Inuit fishermen.
Baffin Fisheries is owned by Inuit hunters and trappers associations in five communities in the Qikiqtani region (Baffin Island).
Scotiabank led additional financing of up to $ 60 million for the $ 72 million acquisition and included direct loans from Export Development Canada (EDC).
The Canadian Economic Development Agency (CanNor) is making a repayable contribution of $ 3M for the vessel.
“The Scotiabank and EDC team allowed us to fund this acquisition entirely in Canada, and the CanNor loan ensured the best possible design / build for our unique arctic fishing environment. This incredible new vessel reduces our carbon footprint, delivers better shareholder returns and has the ability to expand, including the ability to harvest new species in the future, ”said Chris Flanagan, CEO of Baffin Fisheries.
“We are proud to support this investment in Baffin Fisheries, which will bring additional long-term benefits to communities in Nunavut, and to support this strong Inuit-owned fishing company,” commented Sean Albert, Senior Vice President of the distribution of business banking services to Scotiabank.
“This transaction co-led by our Commercial Banking team and our Indigenous Financial Services team aligns with our desire to continue to increase our support for Inuit-led businesses, as well as support the fishing industry. across Canada.
Baffin Fisheries was incorporated 20 years ago on November 6, 2001. Today the company is the largest commercial fishing company in northern Canada, catching over 10,000 tonnes of Greenland halibut and water shrimp. cold every year.
“Baffin Fisheries exemplifies the companies that EDC seeks to support, as we continue to work to ensure that Indigenous businesses have the same opportunities as all Canadians to take on the world and grow their international businesses,” said Dan Mancuso, Senior Vice President of Finance and Investments at EDC.
“We look forward to watching this Inuit company use this support to expand its export capacity and generate income in an efficient and environmentally responsible manner while improving working conditions for its employees and investing in its community. “