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57 Degrees North

In late December of 2014, 57 Degrees North (57DN) finalized the purchase of a large block of north region opilio crab processing quota, which historically had been processed on a floating processing vessel. This purchase insures that this crab will be processed in the Trident St. Paul plant. The addition of this product to the Trident plant increases the economic viability of the St. Paul Island plant and provides a solid landing tax base for the City of S aint Paul .

 

In addition , 57DN made another purchase from Icicle in April of 2015. This purchase included a substantial amount of opilio south region processing quota, undesignated eastern Bairdi processing quota and undesignated western Bairdi quota. The goal is to have much of the eastern and western Bairdi processed in the Trident plant on St. Paul Island.

 

57DN continued its opilio crab processing and marketing program with Trident Seafoods. In 2015, 57 DN took delivery of 2.8 million pounds of opilio crab in St. Paul. processed by Trident Seafoods. These landings generated approximately $190,000 of landing taxes for the City of St. Paul . In addition to the opilio crab, 57DN landed 166,000 pounds of Bristol Bay r ed k ing crab and 20,000 pounds of St. Matthews b lue k ing crab. These landings generated an additional $44,000 in landing taxes for the City . These amounts are expected to grow substantially in 2016 as 57DN begins to process the processing quota that was purchased from Icicle Seafoods.

 

In 2015, 57 DN processed all of CBSFA’s CDQ allocations. The CDQ crab was harvested by the Early Dawn, which is 50% owned by CBSFA, the Fierce Allegiance, 30% owned by CBSFA, and the Adventure, 100% owned by CBSFA. In addition to the CDQ harvesting by these vessels, St. Paul Fishing Company contracted with Wahl Fisheries to have the F/V Victory harvest its western bairdi allocations. All of CBSFA’s CDQ crab quotas were landed in 2015.

 

57 DN continued to build its customer base in 2015. The most notable success was with Publix Super Markets, a leading Florida based grocery store chain. Publix took delivery of the bulk of our bairdi harvest and marketed it as Alaskan Snow Crab. In addition to the Publix success, solid sales programs were established with additional grocery retailers such as Kroger and Safeway. 57DN continued to service both Costco and Restaurant Depot in the club store market segment.

 

Looking to 2016, 57DN anticipates very substantial growth as it will start to process and sell all of the IPQ purchased from Icicle Seafoods.