New lobster supply hopes to renew interest from Chinese market

With lobster season set to begin in some regions, an infusion of the Canadian crustacean is set to hit the markets.

Fresh from setting 200 lobster traps off Eastern Passage, Jamie Osborne will load up and drop another 50 later this week.

“The catch is not very good; everybody will tell you the same thing,” he said.

Osborne’s temperature gauge put the water at 36 degrees, which too low according to the lifetime fisherman.

“Once it gets up to 40, from there 40 to 50 degrees it’s pretty good temperature, they’ll start moving a little bit better, or they should if they’re there to move.”

Water temperature is one reason the catch has been low recently. Another reason are the rough seas which have kept boats tied up.

A low supply means a high price. Exporters like Stewart Lamont says the market is cool as a result.

“Fisherman are getting $16 plus a pound today whereas they were getting $8.50 in December, so that gives you some idea of the variance,” says Lamont, who is the managing director at Tangier Lobster Company.

That high price means the Chinese market hasn’t returned as many hoped even after their 25 per cent tariff was removed March 1.

“When it’s of interest to importers in China, it’s a terrific market, but there is half the time when the price is simply too high for affordability reasons,” Lamont says.

There could soon be movement on the export front especially to China. Lobster season is set to open later this week off Nova Scotia’s eastern shore. The boost in supply should help bring prices back down.

“Subject to the price, China will have considerable interest, I think. There are times when they want every lobster in the ocean, there are other times in which they buy elsewhere at dramatically lower prices than we can afford to sell them.”

All good news for Jamie Osborne who is hoping to see his catches increase as the water temperature and international markets heat up.

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