Clean Seas Tuna faces setback

Posted by Nicole Eckersley on 2nd March 2010

Australia’s Clean Seas Tuna face a setback after their half-yearly report sent share prices plummeting on Friday.  The company, whose goal is to raise the valuable Southern Bluefin Tuna entirely in captivity, had offered hope to a tuna market facing decreasing supplies and possible fishing bans; however, operational problems have plagued the company.

In addition to revealing skyrocketing operating costs, the report showed that Clean Seas has been unable to rear young tuna or ‘fingerlings’ past the age of 38 days.

The company’s lack of profits, mostly resulting from the flailing kingfish arm of the business, sent their share price to an all-time low of 9c on Friday afternoon. While the shares have now bounced back up to 14c, the company’s problems remain unchanged.

The company hopes that its breeding stock will spawn again in March, offering another opportunity to get the process right.  In the long term, the company’s new $6.5 million dollar recirculating larval rearing system, intended to lessen the risk of operational problems, is expected to be completed and trialled for next year’s production run in January 2011.