A major “modernization” of the North Pacific fishing fleet has begun, bringing new jobs to the Puget Sound region and a potential boost of $1.3 billion in total economic activity over the next 10 years, according to a new study.
If economic and environmental conditions allow, 37 new fishing boats and fish-processing vessels over 58 feet long will be built, bringing new efficiencies to fishing and increased safety to those working in the North Pacific — an area off the Alaskan coast. Most North Pacific vessels over 58 feet are home-ported in Puget Sound.
Ship-building companies in the Puget Sound region are expected to be the primary beneficiaries of this modernization, as half of all the new vessels will come out of Washington state, according to predictions in the report. The study was conducted by the McDowell Group, an Alaska-based consulting company hired by the Port of Seattle and Washington Maritime Federation.
Although many factors are in play, a key impetus for this modernization is the development of catch shares — a type of management system that divides the allowable harvest into individual fishing quotas, or IFCs. This management regime, sometimes called fisheries “rationalization,” avoids the wasteful and sometimes dangerous race once seen among fishing vessels, as each crew tries to catch the most fish within a specified time period or before a total quota is reached.