Trondheim, Norway - January 11th 2024
Norcod, the Trondheim-based company specializing in high quality cod farming,
has secured a new and profitable contract with Chinese distribution company.
This agreement represents a deal for a minimum of 800 tons or approximately 10%
of Norcod's planned production quantity for 2024. Even more crucial, the fish
exported to China as part of this contract will generate profits - which is a
significant step for Norcod.
"China represents a very exciting market for Norcod, and this contract is a
substantial step for us towards creating a profitable company. We are thrilled
with the reception our fish has received in the Chinese market and foresee a
promising future in China, which will be an integral market for our growth
strategy," states Norcod CEO Christian Riber.
Norcod has already commenced the export of fish to China and has secured
placement for their products in over 100 Metro stores in the country.
The fish from Norcod will be marketed and sold alongside and in the same manner
as salmon in China. Norcod sees potential for a total cod market in China that
rivals the size of the salmon market in China. In 2023, Norway exported 40,000
tons of fresh salmon to China, and the total salmon market in China amounts to
95,000 tons.
"That is an enormous market we potentially see ahead of us, and it is our job to
capitalize on it. This agreement marks the initial step toward fulfilling those
ambitions. It underscores that Norcod is on the right track," Christian Riber
notes.
A special acknowledgment is given to the Norwegian Seafood Council for their
support and collaboration in entering the highly important Chinese market.
Norcod also expresses its gratitude to Sirena for the excellent collaboration,
not least with their efforts in enabling great positioning and rapid execution
to China. Leveraging Sirena's 30-year network in the country has been
instrumental in opening doors for Norcod in the Chinese market.
"At Norcod we are delivering a premium quality product and we are leading the
market for sustainable, naturally raised cod, but without the assistance from
the Norwegian Seafood Council and Sirena we would not be able to enter a market
like China in this way. Now our main task is to make the most out of this
agreement by delivering a quality product that the Chinese people will embrace.
Then the 800 tons this year will increase to an even higher volume," Christian
Riber says.
He adds:
"Our aim is that this will be the first of more similar contracts. In the future
we hope that Norcod will be able to enter other attractive markets like the US
and Japan with our premium cod. Naturally with the same goal of profitability."
For further information, please contact:
Christian Riber, Chief Executive Officer, phone: +47 905 37 990, E-mail:
cr@norcod.no
About Norcod
o The company's core business is commercial sea farming of cod. Through
ownership and partnerships, Norcod is involved in the entire value chain, from
broodstock to sales and distribution.
o Norcod operates six fish farms in Central and Northern Norway.
o In the first nine months of 2023, Norcod produced 4 544 tons WFE (whole fish
equivalent) cod, which generated revenues of 186 million NOK.
o The company's head office is in Trondheim.
o Norcod is listed on Oslo's Euronext Growth market.