May 23, 2023
Sanford catch boosts Moana future
Moana chief executive Steve Tarrant says a deal in which the iwi-owned company picks up the right to catch Sanford quota for the North Island inshore fishery makes good sense.
The deal will be go into effect later this year once it gets Commerce Commission approval.
Mr Tarrant says Moana is a specialist fisher and processor of inshore species, while Sanford has both inshore and deepwater operations.
Moana has spare operational capacity both in its Auckland facility and its new kaimoana hub in Wellington, and the deal plays to its strengths.
“The ongoing noise around our fisheries forgets the well-managed quota management system we do have in New Zealand. It’s held in high esteem around the world and there’s a reason for that – because it works. And so we’re very confident that along and our focus on kaitiakitanga and our focus on being specialists at what we do, we see a very rosy future for the inshore fishery,” Mr Tarrant says.
Moana will pay $11 million a year for the first year of the catch entitlement, scaling up to $13m over the next five years, as well as $5 million to $8 milllion for two of Sanford’s fishing vessels, processing equipment and a marine farm.