NOAA Fisheries Completes Groundfish Permit Buy-Out -- March 20, 2002 2002/03/20 Groundfish Permit Buy-Out Program Completed




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Fishing Capacity

Reduction Program

Retires 245 Permits









Contact:
Teri Frady
(508) 495-2239
Chief of
Research Communications


NR02.03

NMFS Northeast Region

N         E         W         S

Gloucester, Mass -- NOAA Fisheries has retired 245 limited access permits that would have allowed their owners some 21,500 fishing days on rebuilding Northeastern U.S. groundfish stocks. The average cost was $39,000 per permit, for a total payout of $9.6 million.

Fishing Capacity Reduction Program - Summary Results


Total # Eligible Permits: 1732

Total # Bids Recevied: 502

Total Cost of Bids Received: $99.2 million

Accepted Bids: 245

Total Cost of Accepted Bids: $9.6 million

Ranking Factor Maximum: 0.42

[Ranking Factor = Bid /(Estimated of Fishing Capacity X DAS)]

Lowest Acceptable Bid: $1400

Highest Acceptable Bid: $127,000


The voluntary program was open to all multispecies, or groundfish, limited access permit holders and was intended to reduce the number of such permits and their associated fishing capacity. In all, permit holders from 13 states were successful bidders. As expected, the retirement program proved most appealing to those with little or no history of groundfish landings since the permit was issued. Thus, there are now fewer vessels that can increase groundfish harvests in the future as these stocks rebuild.



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(File Modified Nov. 24 2004)