Akureyri 2004
Glitnir Conference: Seafood Industry Leaders Explore Opportunities
Seafood industry leaders from Europe, UK, and North America were gathered in Akureyri, Iceland, on September 8th for a conference hosted by Glitnir titled "An Ocean of Opportunities". The theme of the conference was fitting as seafood company executives came to explore issues related to fishing, market conditions, and industry consolidation. About 180 people attended the conference, held in Akureyri in the North of Iceland, a town of 16.000 people with a rich tradition of fishing operations.
The conference opening address was delivered by Mr. Halldór Ásgrímsson, who took over as Iceland's Prime Minister on September 15th, after having served as Minister of Foreign Affairs since 1995. Mr. Ásgrímsson´s address received worthy attention as he strongly critisized EU´s fisheries policy. He claimed it would lead to overfishing, government subsidies, and hindrance of new investment.
Mr. Bjarni Ármannsson, CEO of Glitnir bank, gave an overview of Glitnir's involvement in seafood industry investment projects and the need for the industry to consolidate. Mr. Derrick Rowe, CEO of Fishery Products International (FPI), discussed market conditions for seafood in North America where he emphasized that buyers are few and powerful and that seafood suppliers must have economies of scale and be very customer-focused. Similar message was heard from one of UK´s largest retailer, Marks & Spencer. Mr. Andrew Mallison, Seafood Procurement Manager, discussed market conditions and Marks & Spencer´s strategy of selling only their own label which is supplied by select suppliers.
Mr. Seamus FitzPatrick, Co-Founder of CapVest Ltd and Chairman of Young´s Bluecrest was next on deck. He discussed the incresed interest of private equity funds in international seafood companies, as well as Young´s Bluecrest story of investment and success as the fastest growing food brand in the United Kingdom. Finally, Kjell-Inge Røkke, largest owner of Aker Group and Norway Seafoods AS, gave an overview of Aker Group operations, as well as his current and future view of fisheries in the North Atlantic.