Buyback Completed in Alaska Golden King Crab Fishery; NMFS to No Longer Collect Buyback Fee
SEAFOODNEWS.COM by John Sackton December 5, 2016
In a period of record high king crab prices, a percentage point or two might go unnoticed, but harvesters who hold Aleutian golden king crab quota will be getting some extra money having completed a industry wide buyout payment.
In 2005 the industry agreed to a capacity reduction program that cost $6,380,837, and reduced some of the outstanding fishing licenses. As in other buyback programs, the loan was paid by an assessment against dockside values.
Since 2005, the industry has paid a total of $10,004,785 to fully repay the loan, interest charges, and fees. As a result, as of October 31, NMFS will no longer collect buyback fees in the Golden king crab industry, and it will refund any fees paid in excess of what was owed. The announcement was made in a federal register notice.
Since the payments are collected through processors, NMFS will refund the overpayments back to the individual processors, who will be responsible for returning the fees back to the harvesters.
The original loan of $97,399,357.11 was allocated among all crab fisheries as follows:
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