Reduced supply and rising prices of Pacific skipjack tuna are squeezing profits at Bangkok‑based Manta Canning Factory

On August 6, the first‑round 64‑day fishing moratorium in the Eastern Tropical Pacific officially came into force. Combined with the 90‑day fish‑aggregating device ban that took effect on July 1 in the Western and Central Pacific, skipjack tuna catches on both sides of the Pacific fell short of expectations. Raw material landed prices kept rising in the two major canning hubs of Bangkok (Thailand) and Manta (Ecuador).

Landed CFR prices for whole skipjack tuna delivered to Bangkok in August trended upward. Large processors kept their offers at the lower end of the aforementioned price range or at a premium of USD 50 per tonne. Some trades were concluded at USD 100 per tonne above the floor, near the upper bound or mid‑point of the range. Other market participants reported weekly prices at or slightly above USD 50 per tonne below the range ceiling, though no large‑volume deals were confirmed at those levels. Estimated CFR prices for frozen whole skipjack tuna in Bangkok were raised for Week 32 (August 3‑10). Small canneries, which normally pay premiums, have broadly settled on Bangkok CFR levels, while large processors remain on the sidelines.

Prices in Manta stood higher than those in Bangkok. Purse‑seiners and reefer vessels sailed long distances from the Western and Central Pacific to the Eastern Tropical Pacific, redirecting fish originally bound for processing in Bangkok or the Philippines to Ecuador. Manta’s higher prices also attracted fish carriers from the Atlantic and Indian Oceans. Some Pacific island nation fleets, exempt from the 90‑day fish‑aggregating device ban, maintained relatively steady output over the past month and are among the suppliers to Manta.

For Manta, the first of two 64‑day fishing moratoriums in the Eastern Tropical Pacific began on August 6 and will run until October 8; the second will last from November 9 to January 11, 2027. All large purse‑seiners in the region must observe one of the two moratorium periods. Vessels whose bigeye tuna catch in the previous year exceeded the threshold of 1,200‑2,100 tonnes are subject to additional mandatory fishing‑closure days added to the start of their moratorium window, barring operations during the mid‑July peak fishing season. Sources at several major processors cited the lower end of the aforementioned price range as the approximate trading level for the week.

Several Ecuadorian canneries have faced substantial financial pressure in recent months amid high skipjack tuna prices. One executive noted that some processors can no longer fully fulfil contracts signed with European retailers when raw material prices stood at around USD 1,700 per tonne, before rising to current levels. Another industry source warned of potential further raw‑material shortages and upside price risks. Elevated ocean temperatures driven by a strong El Niño may continue to impact fishing conditions through the end of this year and into the first quarter of next year.