FOR IMMEDIATE RELEASE
St. John’s, NL – January 9, 2026.
The Association of Seafood Producers (ASP)
confirms that the snow crab settlement price for the 2025 season has now been
released, following an independent review conducted by Deloitte LPP, in full accordance
with the FFAW’s formula selected by Standing Fish Price-Setting Panel’s
decision.
The $0.28/lb rebate is the outcome of a
pricing formula developed and put forward by FFAW and subsequently selected by
the Standing Fish Price-Setting Panel, and an independent third-party
verification conducted by Deloitte, a globally respected professional services
firm. The verification was completed using actual sales data and documentation
provided by processors, in accordance with the agreed-upon process.
The harvesters’ share of the market price
for the 2025 season has been determined to be $5.25/lb, representing an
additional $0.28/lb to the base price of snow crab. Deloitte’s review process
included all sales of 5–8 oz sections in 30 lb boxes.
The FFAW executive created unrealistic expectations
among its membership that the rebate would be exceed $1.00/lb. These
expectations were misleading and not based on fact. If the FFAW had applied the
market data to their own formula, they would have seen that the resulting
figure was far from the $1.00/lb that the union executive was promoting. If
harvesters are dissatisfied with the final price, their concerns should be
directed to their union executive, as the price is based on the FFAW’s own
formula.
The rebate reflects verified market returns
under a formula brought forward by the Union and selected through an
independent panel. It is not the product of corporate control, coordination, or
bad faith.
Deloitte completed its verification using the FFAW’s formula exactly as written and as selected by the Standing Fish Price-Setting Panel, along with the agreed-upon factors established through the settlement process. Based on a weighted average market price of $10.93/lb CAD, harvesters will receive 74% of that price when properly accounting for yield. This is because harvesters are paid on the full weight of the crab landed, while processors sell only the edible clusters; the body and other parts of the crab are not sold. Adjusting for this “yield” is an accurate reflection of the harvesters’ share.
Throughout this process, ASP and its
members were fully responsive and transparent, providing timely access to
information, cooperating fully with Deloitte, and engaging openly with
government officials and stakeholders. The independent verification process
exists specifically to ensure accountability and confidence in the outcome,
even when the result is difficult or unpopular.
ASP also cautions against rhetoric being
shared by the FFAW, including its president that risks deepening divisions
within the fishery and, more importantly, undermining the industry’s global
reputation—ultimately creating market uncertainty that can impact prices. In
addition, any threats to the safety of individuals will not be tolerated and
will be addressed through appropriate legal channels and have no place in the
industry.
This industry depends on harvesters,
processors, plant workers, and communities working within a rules-based system.
ASP remains committed to transparency, accountability, and constructive
engagement with harvesters, government, and all stakeholders to ensure a fair,
stable, and sustainable snow crab fishery in Newfoundland and Labrador.
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Media Contact:
Association of Seafood Producers
709-726-3730
info@seafoodproducers.org
