Total aggregated Atlantic cod landings from the four major global producers, Norway, Russia, Iceland and the Faroe Islands, increased by approximately 134,465 tonnes (+14.2%) y-o-y during the calendar year 2021 (CY 2021), to 1.08 m tonnes. The largest supply growth during this period was attributed to Russia, where annual landings rose by 51,470 tonnes (+17.0%), while the respective CY 2021 harvests in Iceland and Norway increased by 45,669 tonnes (+16.5%) y-o-y to 323,000 tonnes, and by 44,551 tonnes (+13.4%) to 376,182 tonnes.
The acceleration in global Atlantic cod supply in CY 2021 was largely achieved on the back of a higher Barents Sea catch quota, which increased by 20% over the previous year, in addition to heightened fleet activity due to COVID-19 restrictions easing in many countries. However, Faroe Islands catches fell significantly by 7,225 tonnes (-19.4%) y-o-y during this period to 23,000 tonnes, reflecting fleet maintenance issues and insufficient trawler availability. A 20% reduction in the Barents Sea cod quota for CY 2022 (-172,000 tonnes) presents a degree of upside price potential for the first half of 2022, particularly amid firm expected international demand, as economies continue to recover from the global pandemic.