AFT Holdings has announced its intentions to withdraw its substantial direct investments from the US tuna business, citing increasing regulatory burdens, and said it will instead focus on “creating new opportunities in the functional and healthy food space”.
New Orleans, Louisiana-based AFT reports on its website to be the largest US shareholder in the leading US flagged distant water fishing fleet operating in the Western Pacific Ocean, operating as Global Companies, managed by South Pacific Tuna Company. The investment involves 12 super seiners with an annual harvest of about 100,000 metric tons valued at $200 million.
The firm has been involved in tuna for almost 40 years, according to a statement, and its principals were among those to commit to the resurgence of the US tuna fleet in the western central Pacific in 2007 after it had been reduced to 13 vessels and faced pressure from China and Russia.
“Being associated with tuna since 1979 we have seen tremendous changes on the oceans as well as in creating a global market for US-harvested fish, with more than $500 million in annual catch delivered around the world,” said J. Douglas Hines, AFT’s chairman and one of the founders of the company.
“The vessels remaining should be proud of their accomplishments and contributions to feeding millions, regardless of continual regulatory challenges that threaten their day-to-day operations.”
The statement goes on to criticize US government regulators as becoming “more predatory and punitive towards US fishermen, while allowing non-regulated countries’ vessels access to the market.
“Before long, we will see US flagged vessels leaving the fishery altogether, transferring their boats to other nations who do not share our commitment to sound sustainability and fair labor practices,” he said. “It is unfortunate, but the US fleet faces ongoing challenges due to increased regulations from its own government agencies.”
