Since 2020, lobstermen on the Islands have observed a repeated decline in their profitability. According to the Magdalen Islands Lobster Fishermen’s Office (OPHÎM), the weighted average price of lobster should be $6.91/lb for the 2024 season, or 10% cheaper than the last year.
In 2023, theOPHIM conducted a study which ruled on an ideal profitability threshold. It stands at $7.49/lb.
This threshold may not be reached this year, a first in three years.
Weighted average prices paid to Madelinot lobstermen
- 2024: $6.91/lb (estimate at the 7th week of fishing)
- 2023 : 7,67 $/lb
- 2022 : 8,02 $/lb
- 2021 : 8,53 $/lb
- 2020 : 4,95 $/lb
Right now, we are $0.58 below the break-even point.
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Rolland Turbide considers that the current price of lobster from the Islands does not represent its quality and reputation. (Archive photo)
Photo : Radio-Canada / Isabelle Larose
The Board estimates that if nothing is done, the weighted average price should remain at $6.91/lb, even in the event of a sudden rise in prices in the coming days.
The weighted average price, also called weighted average cost, takes into account the volume of lobster recovered at the docks.
As at the end of each season, this quantity is expected to decrease, which would slow down a possible increase in profitability for fishermen.
Weighted average cost
Average unit cost of items in stock, determined by taking into account the value of the different stock management units as well as the quantities stored.
Source : Quebec Office of the French Language
It’s discouraging for fishermen
mentions Mr. Turbide. We’re a little confused about this price after all.
he laments.
Mr. Turbide calls on manufacturers to take action to reverse the trend. According to him, it is not too late to allow fishermen to ensure the profitability of their season.
There are three weeks left to turn things around
said Rolland Turbide. Buyers are asked to make all necessary efforts to obtain the best possible prices on the markets.
he added.
The general director of theOPHIMNadine Cyr, finds it deplorable that lobster from the Islands is not sold at the same price as in Prince Edward Island, for example.
She is sounding the alarm as fishing ends on July 6 in the archipelago.
Since the start of the season, we have noticed and suffered this drop in the price to the fisherman.
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Nadine Cyr, coordinator of the Magdalen Islands Lobster Fishermen’s Office (Archive photo)
Photo : Radio-Canada / Isabelle Larose
It’s a little difficult to explain why our lobster is always in decline, while everything is constantly increasing everywhere.
mentions Ms. Cyr.
Ms. Cyr is also saddened by the state of the situation for new fishermen on the Islands.
According to her, the next generation will have difficulty surviving with profitability as low as observed in recent years.
We know that there have been many young people recently who have acquired a fishing business
mentions the director of theOPHIM. Then when we know that these young people pay from 1 to 1.5 million dollars for their fishing business, $7.49/lb, it takes them to reach the end of the season
she clarified.