Friday, April 5, 2024

Processing sector consolidation

One processor, Silver Bay Seafoods, is growing while another company, Peter Pan, appears to be fading away.

More details in this joint press release.

9 comments:

  1. Silver Bay is fishermen. All the rest is suits.

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  2. "If you believe," he shouted to them, "clap your hands; don't let Tink die."

    "Peter Pan," by J.M. Barrie

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  3. In the land where salmon leap and swirl,
    Where waves embrace the northern world,
    There dwells a man with shadowed guise,
    Rodger May, with cunning eyes.

    His ventures sail on troubled seas,
    With Peter Pan, he seeks to seize,
    But alas, like dreams that fade at dawn,
    His ships are wrecked, his dreams withdrawn.

    In the heart of Alaska's icy breeze,
    Peter Pan Seafood met its freeze,
    With Rodger May at the helm, they found,
    A tale of woe, a mournful sound.

    Yet still, in whispers on the wind,
    The legend of Peter Pan pinned,
    To Rodger May, a captain's jest,
    In seafood's dance, he failed the test.

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  4. We used to think that OB and then OBI had brain-dead leadership. But, the new Peter Pan group is a real clown car.

    Whitney, Alaska Packers, NEFCO, Pan-Alaska, Peter Pan, Sea Alaska, Columbia Wards and a host of smaller players, all gone. OBI is just a zombie company waiting to die. Trident is reducing their footprint and appears to be weakening. That leaves SBS as the big boy on the block.

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  5. Completely agree with your comments. NPSI has big/weak fleet, their aging plants are only out-aged by OBI, and has hand-me-down leadership.

    SBS is all in. I hope it's worth it.

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  6. As far as I know, there's no PPSF fishermen in suits. We've been fishermen before Silver Bay knew what fishing was.

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  7. When CWF/Wards Cove owned Alitak and XIP, I always thought they were well-managed plants.

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  8. I think the state of Alaska needs to learn how to use Google before loaning money for bad investments. The state could have easily made themselves aware of the slate of half-wits and con artists running PPSF after the Japanese sold out. Looks like Rodger May is the gift that keeps on giving to coastal Alaskan communities. Time for Alaskan fishermen to wake up, and stop blindly trusting processors that don't have their best interests in mind.

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  9. Ultimately, companies should have fishermen and communities in mind. But they don't. And economically, why should they. Companies are for profits and realizing the goals of the board. There is no Alaska seafood processor that is fisherman first like SBS. However, the grab of PPSF facilities and fleet threaten to erode this. With Trident's stewardship in decline, can and will Cora and Troy be able to keep focus? I hope.

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