May 2020
The somewhat brighter outlook for the bass and bream sector that was emerging at the end of last year has deteriorated again in 2020.
First, Storm Gloria that hit the Western Mediterranean in January 2020 saw the Spanish sector lose almost 50 percent of penned fish to escapes. Although the resulting supply contraction would have lifted prices in a normal market, the wider market impact brought about by COVID-19 has seen demand all but disappear.
Together with increased logistical costs, this has quickly pushed the vulnerable Greek industry into dangerous financial territory, while Turkish producers are also suffering. With backed-up biomasses and an uncertain path to economic recovery, sector profitability is set to be severely impacted.