John Sackton has closely watched the current financial crunch all over the world saying that it would affect the prices of seafood products. It is said that fish of all shapes and sizes are hauled from the cold North Atlantic by Northern Peninsula fishermen. The market reports they rely on seem so foreign to the sea and the coves they fish from.Sackton is of view that banks lending people money to buy houses they couldn’t afford in the United States means trouble next year for crab, lobster and pelagic prices.
In a statement Sackton said that lobster were recently selling in Maine for $2 a pound, down from $4.25 a pound fishermen got for their catch over the summer at local wharves. He added that this summer was the first time snow crab prices have climbed between July and Sept. since 1997, which is a bad sign – there’s definitely some economic weakness in the economy.
According to Sackton people will be going out less to eat and some restaurant chains which bought seafood are set to close some units. MacDonald remains confident that the troubles in world markets won’t be the end to a Northern Peninsula economy based upon those proudly painted boats and the men who work them. It is fact that Iceland is facing trouble for the seafood resources.
