Friday, January 12, 2024

Peter Pan temporarily idles its King Cove plant

Bellevue, Washington-based processor Peter Pan Seafood today issued this statement regarding its operational status for this year in Alaska:

We are saddened to inform our fishermen and the King Cove community that Peter Pan Seafood will not be able to operate our King Cove facility for the 2024 A Season. This is an unfortunate but temporary step. We will be open for the 2024 B Season, and we remain steadfast in our commitment to Alaska, our fleet, and the communities where we do business.

We did not come to this decision quickly or easily. The current state of the seafood industry is tumultuous, and it has impacted many operators in the region. The industry is facing inflation, interest rates hikes, financing challenges, and high fuel costs. We have worked through these issues as diligently as possible and have explored possible options. This temporary step, while difficult, is necessary to maintain our long-term commitment to the future of our business in Alaska.

We remain committed to continuing to provide the best service and support possible to our fleet, communities, and stakeholders while continuing our mission to be an exemplary global supplier of top-quality and responsibly sourced seafood. Looking to the future, we will employ more than 1,000 this year as we open the King Cove facility for the 2024 B Season and our other three facilities as normal for the salmon season.

We are steadfast in our future commitment to Alaska, our fleet, and the communities we do business in. We are grateful for the strong relationship we have with King Cove and we remain committed to doing everything in our power to support the community and fishermen during this time.

7 comments:

Deckboss said...

Alaska journalist Nathaniel Herz reports Peter Pan "is not close to declaring bankruptcy," according to company owner Rodger May.

https://alaskabeacon.com/briefs/peter-pans-king-cove-plant-will-stay-closed-this-winter-as-fishing-industry-turmoil-spreads/

Anonymous said...

Rodger would not lie. 😱😱😱

Anonymous said...

This is crazy. They gave the fishermen no warning, now they have no cod market. PPSF thinks they're going to get their fleet back, they might as well just throw the towel in. I know lots of boats bought insurance and put a lot of money into their cod pots. Most of the fleet is 58 feet or less so they're screwed.

Anonymous said...

😂

Anonymous said...

This was an inevitable collapse of the poorly managed remains of the poorly managed Peter Pan legacy. Bloated budgets but little infrastructure improvements, poor management hires, and a commitment to running King Cove and DLG like it was still 1986. Welcome to the future, Rodger May.

Anonymous said...

Commodity markets for fish, like mined products, timber, etc tend to be volatile. The fish processors with a strong manufacturing base, geographical footprint, top fleets, and good management have made it through the down cycles. Peter Pan doesnt have this. Only a miracle saves them now.

Anonymous said...

Sad to say but Silver Bay will own all the plants soon. Then it will be back to one price for salmon, take it or leave.