OSLO – Marine Harvest, the world's biggest Atlantic salmon producer, expects global supplies to rise sharply this year as the world's top growers benefit from production fillips, and raised its own guidance for full-year output.
Production in Chile is rebounding rapidly after an epidemic, while Norway, which accounts for 60 percent of the global output, is benefiting from a mild winter.
As a result, both the Chile and Norway reference price fell over 34 percent in the first quarter year-on-year, Marine Harvest said on Wednesday, adding it expected global supplies would rise up to 27 percent in the second quarter.
"The high global supplies expected in the second and third quarters of 2012 will further test the strength of the market," said Marine Harvest, part owned by billionaire shipping tycoon John Fredriksen. "The full price drop has already reached the consumers and triggered strong growth rates in consumption."
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