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Cold Store Bergfrost Further Scales Up Capacity

Bui Tyril
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Cold Store Bergfrost Further Scales Up Capacity

Bergfrost, the largest cold storage facility in the Nordic Seas region, is about to complete a major expansion to increase its underground cold storage capacity to 35,000 tonnes as well as adding a new, 5,000-square meter dry storage hall.

The huge underground cold store Bergfrost in Fuglafjørður has been expanded further to boost its cold storage capacity, while at the same time adding a new dry storage hall. With this expansion in place—per estimate completed later this year (2026)—Bergfrost can offer a total cold storage capacity of a walloping 35,000 tonnes. 

In total, Bergfrost’s tunnel complex now measures 28,000 square meters. 

Meanwhile, the sizable, new dry storage facility, located in the same underground complex, presents new business opportunities, according to managing director Símin Pauli Sivertsen. 

Excavation work started in the spring of 2024 and was completed in late 2025 with the entire project, including installations and finishing work, estimated to be concluded in the fourth quarter of this year.  

The development will enable the company to serve more cold storage clients as well as to introduce dry storage services at a scale, Mr. Sivertsen pointed out.

As part of Bergfrost’s tunnel system, deep inside the mountain Borgin, with entrances at Fuglafjørður’s main harbor area, the new 5,000m2 dry storage facility measures 265m in length, 17m in width and 9m in height. 

Another hall has been added inside the complex to house power and control systems for cold storage and dry storage, alongside a new underground garage for Bergfrost’s fleet of forklifts. Likewise, a new cold storage tunnel with a storage capacity of 10,000 tonnes has been added to the company’s already existing 25,000-tonnes cold storage capacity, scaling it up to as much as 35,000 tonnes. 

Bergfrost has long been known as the largest and operationally safest cold storage facility, not only in the Faroe Islands and Iceland but indeed in the entire Nordic Seas region. This position is now being strengthened even further. At the estimated time of completion, the expansion project will have taken about two and a half years to implement after the plan had been finalized and greenlighted.

The size of the investment is considerable, although the total price tag has not been disclosed as yet.

“Thankfully, the whole construction process went smoothly, and we expect all installations and finishing touches to be completed in November,” Mr. Sivertsen said. “This a significant investment but on the other hand, it’s within a prudent financial framework that is realistic for our business.”

Positive outlook despite risks

As for the timing of Bergfrost’s latest expansion, Mr. Sivertsen acknowledged that market volatility has increased since the decision was made to go ahead with the project. 

“We considered various scenarios carefully, both upside and downside potentials, including issues of uncertainty and geoeconomic risks,” Mr. Sivertsen said. “Yes, instability and unpredictability at the international level has increased. But our original assessment is based on a long view that remains valid from our perspective. Demand for our services has been growing over time and that trajectory is likely to continue despite the current slump in certain catch quotas. We needed more space to be able to serve some of our prospective clients that we’ve had to turn down up until now.”

Bergfrost’s underground facilities are protected by massive layers of mountain rock, which also provides effective natural insulation, backed by an extremely high degree of operational stability. In the event of a power outage, for instance, the temperature in the cold store will not be immediately affected—the deep frozen surrounding layers of rock will keep the temperature steady for a long time. The natural insulation also reduces the power consumption of the underground facility by between one-fourth and one-third compared to conventional buildings, according to Mr. Sivertsen. 

Alongside neighboring freezing plant Pelagos, most of Bergfrost’s clients are fishing vessels, both Faroese and foreign ones. Fish products kept in the cold store include pelagic species such as blue whiting, mackerel, herring, and capelin, as well as white fish species such as cod, haddock and various flatfish, plus saithe (pollock), redfish, and wolffish.

Eysturlund: Bakkafrost Pushes the Energy Envelope

Bui Tyril
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Eysturlund: Bakkafrost Pushes the Energy Envelope

Bakkafrost is looking to make the power source of the Faroe Islands’ largest energy consumer fully renewable—turning green a vital link in its own value chain while in the process reducing the island nation’s total carbon footprint.

With a unique supply chain integration that is known as the world’s most comprehensive in the aquaculture business, salmon major Bakkafrost, headquartered at Glyvrar, Faroe Islands, has long worked systematically to put in place well-defined sustainability practices across all of its business segments.

The efforts have been stepped up with a huge milestone envisioned more recently in a bid to tackle an old challenge: industrial processing at the Havsbrún fishmeal, marine oil and salmon feed factory. Bakkafrost acquired the Fuglafjørður-based facility two decades ago to strengthen its supply chain and guarantee a stable flow of feed for its growing fish farming business. 

Section of Havsbrún salmon feed silos with exhaust filtering system visible on the right. Image credits: Maria Olsen.

Founded back in the mid 1960s, Havs­brún has long been counted as a heavyweight in the fishmeal and marine oil business and today ranks as one of the world’s largest feed manufacturers. This makes it a vital asset in Bakkafrost’s value chain—a fact which the relatively recent expansion of Bakkafrost’s salmon farming operations into Scotland puts into sharp perspective.

Thus in 2023, in liaison with Faroese energy enterprise Effo, Bakkafrost unveiled Eysturlund, an ambitious wind farm development plan designed to turn Havsbrún’s oil-powered boilers into electric-powered ones, all of which includes securing the enormous energy supply needed to make the switch possible. Considering the scale of Havsbrún’s processing operations—roughly half a million tonnes of raw fish in annual throughput—the electrification of the boilers would mathematically not be possible with the current power capacity of the Faroe Islands’ grid.

A 100-megawatt energy park consisting of 24 turbines, the Effo-Bakkafrost project will upend that equation. Generating 350 gigawatt hours of renewable energy on an annual basis once operational, Eysturlund will by far exceed the output of any other wind farm in the Faroes. Beyond reducing Bakkafrost’s overall carbon footprint, Eysturlund will introduce opportunities for alternative energy sources such as ammoniac for ships looking to switch from oil combustion engines. The added energy resources made available could likewise, for example, make district heating for residential homes and commercial buildings a viable option. 

Bakkafrost CEO Regin Jacobsen. Image credits: Bakkafrost.

“It’s an advanced project aimed at significantly boosting renewable energy production,” Bakkafrost CEO Regin Jacobsen noted. “The project involves establishing the largest wind farm in the Faroe Islands and will be capable of generating power equivalent to 10 percent of the collective oil consumption across the islands—both on land and at sea. The wind farm will significantly reduce Bakkafrost’s greenhouse gas emissions.” 

Awaiting approvals 

The Eysturlund project has generally been met with approval in the public domain, even with top management of the grid company—Sev, a corporation jointly owned by all of the municipalities of the Faroes—voicing wholehearted support. 

However, according to the government agency overseeing domestic energy affairs, Umhvørvisstovan, the project in its present form does not fully comply with the current regulatory regime—a finding that’s being contested by others, including Effo. The core issue in that respect appears to concern energy transmission from the wind farm to the Havsbrún facility over some distance, that is, whether the grid can legally be utilized in such a case. While essentially this looks like a pragmatic arrangement that should make good economic sense for all parties involved, with no disruptive influence on protected grid business, the counter argument appears to maintain that any electrical power passing through Sev’s network by definition belongs to the grid and thus cannot be reserved for third-party use unless explicitly provided for in the legislation. 

For all that, ultimately, an amendment to the Power Supply Bill is plausible to be tabled in the Faroese Parliament at some point to secure the legal foundation of the Eysturlund project. The absence of any open opposition to the project as well as the publicly stated positions of several influential figures— including, for instance, the mayors of Runavík and Fuglafjørður alongside the director general of the power grid company—indicate that the adjustment could likely be made in a matter of months. 

“With the introduction of the new wind farm, we will take a significant and vital step towards achieving our SBTi target of reducing absolute Scope 1 and 2 emissions by 50 percent within six to seven years,” Mr. Jacobsen added. 

Effo wind farm at Nevið, Eysturoy. Image credits: Effo.

“The project’s primary goal is to generate electricity; but when there is more supply than demand, such as at night, the wind farm will also have the capacity to create hydrogen, oxygen, and heat. This allows the option of using the generated energy for other resources, such as Bakkafrost’s bigger ships in the Faroe Islands, which can be adapted to use 100 percent renewable energy.”

JFK: Taking Care of Fishing Business

Bui Tyril
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JFK: Taking Care of Fishing Business

Faroese lawmakers need to apply a similar hands-off approach to fisheries regulations as they already have applied—with great success—to fish farming, says Hanus Hansen, managing owner of Klaksvík-based fishing company JFK.

Call it common sense, street smarts, or practical intelligence—the societal and economic value linked to the ability to apply knowledge and skills to real-world situations is immense. In fishing communities, a deep appreciation and understanding of such a mindset is frequently found. And yet, unfortunately, that sense of reality often seems spectacularly forgotten by people with a long-distance, armchair approach to management.

The Faroe Islands’ second-largest town, Klaksvík—often referred to as the Fishing Capital—is home to some of the country’s leading seafood companies. One of these is JFK, with a long and proud history that stretches back generations to its founding, in 1913, by Jógvan Frederik Kjølbro.

Today managed and owned by former skipper Hanus Hansen, JFK remains at the cultural and socioeconomic core of the largest fishing community of the Faroe Islands. 

JFK-owned pelagic trawlers and purse seiners Borgarin and Norðingur. Image credits: Maria Olsen.

“Of course you need people with academic credentials in some positions,” Mr. Hansen noted. “But I’m afraid what many people don’t seem to grasp is that we urgently need to return to valuing practical skills to a much larger extent. This would hardly be an issue a few decades ago, but today the opposite is true—especially if you look at some of the current policymaking agencies and public authorities, not to mention politicians. I think there is a huge disconnect between many of them and the actualities that we have to deal with in the fishing business.” 

Recent years have seen a marked decline among many of the smaller operators in the fishing business, some of whom have succumbed to unfortunate combinations of restrictive regulations and natural fluctuations. Others have succeeded in pleading to the likes of Mr. Hansen to save their operations by taking a friendly stake in their enterprises.  

Injecting much-needed cash into some of the struggling operations—and subsequently finding them able to renew their vessels and modernize their gears and equipment and become much more successful—is a special source of joy, according to Mr. Hansen.

“I love the this whole community and its cultural roots in the fishing business,” he said. “There’s nothing more pleasant than seeing this town busy and thriving; and in the same way, nothing pains me more than witnessing the decline of good fishing businesses. These are people with incredible skills, and their skills are highly valuable.”

‘Very good news’

Making sure critical renewal and business development takes place on a continual basis means investment capital has to be made available in some shape or form. 

JFK managing owner Hanus Hansen.

For a small Faroese fishing business, there are very few sources of investment capital to turn to except for the handful of larger players in the industry, as risk-averse banks tend to bow out.

“We need to have continued development in the industry,” Mr. Hansen said. “In many cases I don’t see that is possible under current circumstances without some of the larger companies stepping in with equity capital.”

Mr. Hansen went on to express his admiration of the success experienced by the aquaculture industry.

“I’m convinced there are many lessons to be learned from the aquaculture business,” he said. “By any account, it’s a great success story. We should note that the aquaculture business has enjoyed stability in its legal and regulatory environment, and that is crucial. If our lawmakers and regulators were to take a page from this experience and apply similar non-disruptive policies on the fisheries industries, we would soon be much better off. The key is essentially to leave the industry alone—the political class should allow more breathing space for the business and stop overly regulating it and stop constantly changing the rules of ownership and licenses.”

On a different note, commenting on the new trade agreements with China and Brazil, Mr. Hansen was pleased with the progress made.

Fresh fish trawlers berthed at the Kósin facility. Image credits: Maria Olsen.

“This appears to be very good news,” he said. “We can already say with confidence that here’s a viable new market for some of our products, notably fishmeal. And we will most definitely be looking at other product categories in the mid to long term. China is a huge market and we have every reason to make a serious effort to gain foothold there. The same goes for Brazil—another huge market for Faroese exporters, in this case of salted fish, which is also part of our product range.”

South Korean Seafood Trade Delegation Visits Faroe Islands

Bui Tyril
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South Korean Seafood Trade Delegation Visits Faroe Islands

A seafood trade delegation from South Korea arrived in the Faroe Islands on Monday on a one-day trip amid efforts to boost trade relations between the two countries.

In the context of Faroese exports to South Korea, the main focus appears to be on Atlantic mackerel; other fish species, however, attract interest as well.

Led by Young-jin Yang, Director-General of the Fisheries Policy Bureau at the Ministry of Oceans and Fisheries (MOF), the South Koreans paid visits to two key mackerel producers as well as a major salmon farmer.

The event follows on the heel of a Faroese trade visit to South Korea in June. According to a Faroese official, the warm reception received by the Faroese in South Korea along with the swift reciprocal visit “underscores both sides’ commitment to deepening bilateral cooperation with a view to expanding trade—not least by facilitating market access for Faroese seafood.”

With representatives from the Ministry of Oceans and Fisheries as well as the Korea Maritime Institute (KMI), the National Federation of Fisheries Cooperatives (Suhyup), and private seafood importing companies, the South Korean delegation also visited the Ministry of Foreign Affairs and Fisheries in Tórshavn. The parties signed a Declaration of Intent concerning, among other things, cooperation and the development of exports of Faroese seafood products to South Korea.

Niels Winther, Director of the House of Industry (Vinnuhúsið), whom the South Korean delegation met with as well, stressed the ambition to establish a free trade agreement between the Faroe Islands and South Korea.

“The visit follows the Faroese trade mission to South Korea in June,” Mr. Winther said. “There appears to be genuine interest in purchasing Faroese seafood products and, over time, in further developing trade between the two countries.”

New Deepwater Quay for Port of Fuglafjørður

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New Deepwater Quay for Port of Fuglafjørður

Strengthening its established position as the Faroe Islands’ top pelagic port even as aquaculture increases in importance, the Port of Fuglafjørður extends its stretch of deepwater quay—as harbor development nearby moves toward completion.

Among Faroese ports and business clusters, Fuglafjørður stands out in terms of economic output and with regard to tonnage throughput. As the country’s leading port of call for several ship types, most notably pelagic fishing vessels, Fuglafjørður has seen continuous growth in business activities over the past couple of decades, supported by massive harbor development.

Alongside significant development taking place in connection with the ongoing expansion of Bakkafrost-owned fishmeal, marine oil and feed processing facility Havs­brún, 80 meters of new deepwater quay was completed earlier this year (2026) at Enni, the area between the Bunker Terminal and the headquarters of fishing gear company Vónin. 

Extending the continuous stretch of quay from the Cold Store Terminal to 410m—with depths alongside ranging from 12 to 15m—the new quayside also includes an area designated for an industrial building. Constructed on behalf of fishing company Framherji, the new quay is the result of close collaboration between Framherji, Havsbrún, cold storage facility Bergfrost and Fuglafjørður’s port authority.

Port director Rólant Højsted at Fuglafjørður’s new Enni Quay. Image credits: Maria Olsen.

“We have had several large construction projects around this whole area, including the expansion of Havsbrún’s and Bergfrost’s neighboring storage tunnels,” said port director Rólant Højsted. “They needed more storage space while Framherji needed more docking space. So the rock excavated from the tunnels was used for harbor land reclamation.” 

In total, the Port of Fuglafjørður now has about 1.7 kilometers of quay with depths alongside ranging from 6 to 15m; once Havsbrún’s current harbor development is completed, expectedly later this year, the total length of quay will measure more than 2km.

“We’ve seen a whole lot of development in recent years,” Mr. Højsted noted. 

“This new Enni deepwater quay adds functionality to this particular area. It effectively frees up docking space for the Cold Store Terminal, the Pelagos Terminal, and the Bunker Terminal, plus making life more convenient for Vónin and their clients. For us it’s essentially a matter of providing appropriate docking time and space for each vessel calling at the port. So now we have 410m of continuous deepwater quay, which means more port functions and operations can be carried out simultaneously. This saves valuable time and increases efficiency for everyone.”

The total number of port calls received by Fuglafjørður has remained stable for years at around 1,000 per year, mainly pelagic fishing vessels, reefers, freezer trawlers, bulk carriers, and tankers; many of the vessels are Faroese yet a sizable proportion are foreign. 

Handling high volumes 

Russian freezer trawler Mekhanik S. Agapov receiving services at the newly built Enni deepwater quay. Image credits: Maria Olsen.

The port offers an impressive array of services, the core of it originating in the mid 1960s when Havsbrún was established as a fishmeal and marine oil factory, with engineering firms and business-to-business service providers popping up alongside.

Over time, the factory expanded into feed manufacturing as the port evolved with a thriving business environment. Today the port features, for example, an advanced freezing plant for pelagic fish, a huge underground cold storage facility for fish products, a top international fishing gear developer and manufacturer, a bunkering facility, a mechanical engineering and repair shop for fish processing machinery, an electrical engineering firm serving the international aquaculture industry, a leading aquaculture infrastructure provider, and more, including ship chandlers and maritime suppliers.

“We have the capacity to produce and handle large volumes,” Mr. Høj­sted noted. “At the same time, we have a number of smaller and specialized developers, producers and service providers. Fuglafjørður is considered a leading international port for the pelagic fish industry, which is very much linked with the aquaculture industry—the salmon feed produced here consists to a large extent of marine sources of nutrients.” 

Drone shot of the Port of Fuglafjørður, with the new Enni quay in the foreground, April 12th, 2026. Image credits: Bui Tyril.

Many of the pelagic fishing vessels calling at the port land their catch to Havsbrún for industrial reduction or to Pelagos for direct human consumption. The total tonnage of raw fish received varies from year to year, between around 300,000 and up to almost 600,000 tonnes, depending on factors such as catch quotas and market conditions. 

With more than 100,000 tonnes of salmon feed produced in Fuglafjørður on a yearly basis—indeed set to increase at that—the bulk carrier traffic to and from the port is considerable.

Then there is substantial traffic with reefer ships and freezer trawlers loading or unloading frozen fish products to the Bergfrost cold store, which stores an annual 100,000 tonnes or so.

“We have several sources of ship traffic,” Mr. Højsted added. “The pelagic fish industry is the main source, and the aquaculture business has become a major one. For example, we have regular deliveries from here to Faroese fish farms as well as to fish farms in Scotland.”

Fleet Renewal Should Top Policy Agenda—Fishermen’s Union

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Fleet Renewal Should Top Policy Agenda—Fishermen’s Union

Local dimensions of fisheries remain critical for continued prosperity and societal development—with investments in fishing communities forming part of the backbone of economic life, as per Faroe Fishermen’s Union.

Despite the significant investments in key sectors of the Faroe Islands fishing fleet that have taken place over recent years and continue to this day, policymakers are urged to place fleet renewal at the top of their agenda to prevent stagnation in parts of the fish industry.

“We’re obviously pleased with the substantial investments in new vessels that we’ve seen in recent years,” said Jan Højgaard, chairman of the Faroe Fishermen’s Union a.k.a. FF (Føroya Fiskimannafelag). “At the same time, regrettably, there are some important sections of the fishing fleets that are in no good shape and need replacement.”

Indeed, the majority of the pelagic fishing fleet alongside most of the freezer trawlers have been replaced with newbuilds in recent years or are currently in the process of being replaced. Some of the longliners have likewise seen renewal or refurbishment, with freezing capacity fitted on most to bolster economic viability. On the other hand, some domestic trawlers and longliners plus a few other classes of fishing vessels are generally in declining condition with bleak prospects.

According to Mr. Højgaard, the current legislative and regulatory environment essentially prevents investment in parts of the fishing fleet, in particular due to a rigid or disproportionate antitrust regime.

“The framework needs to be adjusted and this is an urgent matter,” Mr. Højgaard said. “An adjustment to the current set of antitrust rules is necessary because it’s excessive and unfit for the tiny socioeconomic reality of the Faroe Islands.”

If the problem persists and is not dealt with appropriately and in time, it may force much of the less fortunate fishing fleet out of business, Mr. Højgaard added.

“In fact,” he said, “that’s already happening and we’ve seen too many examples of it in recent years. We support the idea behind the antitrust legislation and much of its substance. However, it needs to be reviewed with the aim of making sure no parts of the fishing fleet are blocked from investment.”

Societal issue

In other words, for antitrust law to function in accordance with its stated purpose, there’s a critical balance to strike between, on the one hand, a legitimate concern over the formation of business monopolies and, on the other, due regard for the requirements of business finance. What policymakers may tend to neglect or ignore is that there are extremely few sources of investment capital actually available for fishing businesses, especially smaller operators.

In result, ownership of fishing enterprises gets consolidated into fewer and fewer hands.

FF Chairman Jan Højgaard (file photo). Image credits: Maria Olsen.

When it comes to fishing, the business environment is in general highly unpredictable, so much so that managing uncertainties often takes exceptional skills. Most financial institutions make every effort to avoid getting exposed in any significant way, whereas industry insiders as a rule are more confident and knowledgeable about the particular risks and requirements involved.

“Bottomline is, fishing vessels need to be kept in good shape and up to date,” Mr. Højgaard said. “This is crucial—they must be regularly refurbished or replaced; otherwise, deterioration and decline are guaranteed. On top of that, maintaining aging vessels becomes increasingly expensive over time. And remember, the vessels are workplaces and substandard conditions in the workplace is bad for recruitment. Much the same goes for environmental issues and emissions—newer vessels generally means less and cleaner combustion and more efficient engines with technologies more geared toward electric-powered machinery and equipment.”

With fleet renewal critical for every fishing operation, allowing for it likewise becomes a societal issue in a broader sense.

“The government’s fisheries policy should take into account the full spectrum of the fishing fleet and make sure the antitrust legislation is correctly calibrated,” Mr. Højgaard added. “As things stand, the legislation too often hurts where it should not hurt.”

Looking Ahead: Framherji’s Substantial Fleet Upgrade

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Looking Ahead: Framherji’s Substantial Fleet Upgrade

Cuts on catch quotas are set to reduce fishing this year; however, fishing company Framherji has its fleet further upgraded with state-of-the-art vessels to secure effective, energy efficient and environmentally friendly operations.

Coming on the heels of an “exceptional” last year, this season (2026) is expected to bring some fresh challenges for Fuglafjørður-based fishing company Framherji. As one of the leading vessel owners in the Faroese catch sector, Framherji operates a fleet that is growing in stature, consisting increasingly of highly modern and advanced vessels. 

Alongside freezer trawler Akraberg, purse seiner/pelagic trawler Høgaberg, pelagic trawler Fagraberg, and freezer long­liners Stapin and Jógvan I, the company owns and operates fresh fish trawlers Bakur and Falkur. Targeting mainly saithe in domestic waters, both of these trawlers work in pair teams with sister vessels owned by Gøta-based Varðin. A third pair of trawlers—now freezer trawlers, each priced at 180 million dkk (24M eur)—is being built in that connection. With both vessels set for delivery later this year, Framherji’s is named Lerkur and the Varðin-owned sister named Sjúrður Tollaksson. 

The spring of 2026 saw the replacement of the old Fagraberg with a newer vessel, at a price tag of around 250M dkk (33.5M eur). The replacement, formerly known as Shetland’s Serene, was built in 2018 but was purchased by Framherji in pristine condition, virtually as good as new with near-zero wear and tear. This upgrade represents another high mark for Framherji, elevating the company’s entire triumvirate of large, 82 to 84-meter vessels to the top of their respective leagues. 

Just a year earlier, Framherji had taken delivery of the brand new and highly impressive Høgaberg. Both Fagraberg and Høgaberg, 82m length overall (17.2m beam) and 83.4m length overall (16.5m beam), respectively, are dimensioned, fitted, powered and equipped to target most particularly three commercial pelagic species: blue whiting, mackerel, and herring. 

In the whitefish business, just a couple of years earlier, Framherji had received its very first own newbuild—the 84m length overall (16.7m beam) Akraberg, entirely designed and built on behalf of Framherji. To be sure, the equivalent process took place with the construction of the new Høgaberg, meaning two of Framherji’s current vessels were made from scratch on behalf of the company. 

Full utilization of catch

When the new Akraberg arrived, in mid 2022, it introduced a new generation of freezer trawlers in the Faroe Islands and was hailed as one of the most advanced of its kind in the entire world, packed with top-notch technology and gear, and some of the most sophisticated and energy efficient engine components. Much like the older trawler of the same name that it replaced, the Akraberg targets cod and haddock alongside flatfish, as well as shrimp, in the distant waters of the Barents Sea. 

As for the much smaller freezer long­liners Stapin and Jógvan I, these target cod and other whitefish in domestic waters but to some extent also in foreign waters such as off Iceland and in the Flemish Cap. Here, yet another newbuild—a 50.3m long (beam 13.2m) freezer longliner—has recently been commissioned, according to Framherji co-founder and managing partner Anfinn Olsen. This will be a replacement of the Stapin, the oldest vessel in Framherji’s fleet. Under construction by Norway’s Stadyard, and designed by Sirius Design in close collaboration with Framherji and Stadyard, the new freezer longliner is expected for delivery in the summer of 2028. 

The Stapin replacement will have a 300-tonne capacity freezer hold and a 150-tonne capacity ensilage tank, according to Mr. Olsen.  

“The current Stapin is a very good boat for its age but it was built in 1988,” he said. “The new one will be much more modern, will have a higher degree of fuel efficiency, for example, and will be fitted with the latest technology and will also offer better crew comfort. It will be more environmentally friendly with less emissions and will be equipped with an ensilage system for full utilization of all of the catch, somewhat similar to the ensilage system on the Akraberg.” 

Tough demands

“We’ve had excellent fishing for several years straight and then 2025 became exceptional in result of good market prices as well,” Mr. Olsen said. “This was pretty much across the board, from the pelagic to the whitefish to the saithe business.”

“Now this season will likely see activities cool down somewhat,” he added, “owing to reduction in catch quotas, in particular for blue whiting and mackerel but also for Barents Sea cod. We will adapt to change as necessary—in fact, we’re used to that. However, these cutbacks coincided with the new Fagra­berg joining our fleet, so we’re challenged to think even more strategically, perhaps in some new ways.”

Good cod prices may compensate for the reduction in the catch of Barents Sea cod but only up to a point. In the pelagic business, on the other hand, volume plays a more prominent role, especially when it comes to blue whiting. Framherji indeed has two top of the line pelagic trawlers, yet the latest reduction in catch quotas, not only for blue whiting but also for the more expensive mackerel, handed this fleet something of an unexpected blow.

The practical requirements for participating in the highly demanding blue whiting fishery in Faroese waters are tough, as Mr. Olsen pointed out earlier. “This particular fishery requires large and robust vessels with powerful engines and heavy gear—it takes place during winter often in rough seas,” he noted. “Besides, blue whiting is the largest commercial fish stock of the Faroe Islands.”

Framherji’s substantial fleet renewal investment over a few years amounts to an estimate total of 1.27 billion dkk (170M eur)—with the Akraberg (2022) at approximately 300M dkk, the Høgaberg (2025) at about 350M dkk, the Fagraberg (2026) at around 250M dkk, the Lerkur (2026) at 180M dkk and the new, not yet officially priced, Stapin (2028) potentially at 150M to 200M dkk.

“The conditions for running a successful fishing business are constantly changing,” Mr. Olsen said. 

“The cost of fuel can be highly volatile, and catch quotas likewise go up and down; but we believe these investments are a good way of helping secure our continued success. To stay afloat and ahead in this business, to achieve the best results, you need top-quality vessels, gear and equipment.”

Atlantic Fair 2026: 180 Exhibitors Gather in Klaksvík

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Atlantic Fair 2026: 180 Exhibitors Gather in Klaksvík

About 180 exhibitors from the Faroe Islands and neighboring countries gathered in Klaksvík on May 19th to 21st, 2026, for the Atlantic Fair trade show. This was the 12th iteration of the biannual event, highlighting maritime services and related products.

Short interviews with:

  • Áki í Skemmuni, managing owner, Atlantic Fair;
  • Jóhann R. Guðbergsson, sales engineer, Kælismiðjan Frost (IS);
  • Trúgvi Joensen, managing director, Radiobúðin (FO);
  • Agnar Lyng, CEO, Stadyard (NO).

Vessel Owners Invest in Fleet Renewal Defying High Political Risk

Bui Tyril
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Vessel Owners Invest in Fleet Renewal Defying High Political Risk

Despite a volatile legal environment, key parts of the commercial fishing fleets of the Faroe Islands have undergone vital renewal in the last few years, with more underway; now some brace for rough seas with seriously lowered catch quotas.

With a good number of fishing vessels on a roll last year amid rising market prices, vessel owners of the Faroe Islands are now faced with some substantial reductions in catch quotas. As concerning as that may be—and it is, at least for some—yet another, more systemic issue is looming, one that implies a greater sense of unpredictability: chronic lack of political and legal stability.

According to Stefan í Skorini, managing director of the Faroese Vessel Owners’ Association, hundreds of pieces of legislation have been drafted since 2017, all with the potential to impact the legal environment governing the activities of fishing vessels. And the main legal framework for commercial fishing has been overhauled two times in just a decade.

The problem came to the fore about ten years ago when the need to renew much of the fishing fleets started to become obvious, presenting a dilemma for vessel owners: option one, invest now with potential longterm gain as best outcome, but with a high-risk corollary threatening great losses as worst case scenario; or option two, hold on, avoid the risk and the added uncertainty—with the certain outcome that things will only get worse over time, in line with the notoriously rising cost of maintaining aging, worn-out vessels. Many of the leading vessel owners chose to invest rather than wait, resulting in a renewal of almost all of the distant water fleet of freezer trawlers and some of the pelagic vessels.

“We’ve had investments in fleet renewals of about 3 billion dkk [400 million eur] in the last few years,” Mr. í Skorini said. “These have had a positive impact on several accounts—boosting product quality; securing full utilization of the catch; optimizing energy use; lowering emissions; and improving crew comfort. All of the above tend to improve the results and help secure a sensible running of the fishing operation. But again, the political-legal risks were high and remain so.”

The investments have made good sense, at least up until this point. The domestic fleets of longliners and fresh fish trawlers, largely in deep trouble not many years ago, have seen optimism return amid upward movement in fish prices and stable quota rights. 

For the longliners, a game changer, enhanced by rising cod prices, turned out to be the replacement of aging fresh fish longliners with a new fleet of freezer longliners. As for the fresh fish trawlers, important fleet renewals are taking place this year alongside major refits made in 2025. Prospects looked upbeat for the saithe business in 2025, notably, as market prices had finally increased; but from one year to another, the catch of saithe is still very uncertain.

“The vessels may continue to fetch good prices throughout this year [2026], although some serious reductions in catch quotas have been incurred on cod, mackerel and blue whiting. In some cases price fluctuations have offset the decrease in supply, however there is no straightforward equation because this is a complex business—as ever, the supply of wild caught fish is subject to extreme levels of uncertainty.”

The fishing business generates a great deal of tax revenue, appreciated for its benefit on public services yet also at times fueling debate over the right level of taxation. 

For the Vessel Owners’ Association, however, a higher degree of political and legal stability remains at the top of the list of priorities.

“We hope all our lawmakers realize the necessity of handling legislation and regulation with the level of moderation, respect and responsibility that is only reasonable to expect,” Mr. í Skorini said. “Everyone should know that stability remains key to success in all business, and that it begins with political and legal stability. And we must keep in mind that we are a very small nation with an economy that is still highly dependent on commercial fisheries.”

Aside from appealing to politicians to tread carefully when implementing changes to basic rules, Mr. í Skorini also had a word of caution on the issue of growing resource taxation on fishing.

“A substantial part of government revenues in the Faroe Islands is directly sourced from the fishing fleets. These include corporate income tax, resource tax, wage taxes, and dividend taxes. Vessel owners paid 500 to 550 million dkk [67M to 74M eur] in resource tax alone in 2025, which is approximately a five-fold increase since 2015.” 

“In short,” he added, “these are two main concerns of the day: first, lawmakers constantly looking to change the legislation governing commercial fishing, and second, a trend toward increasing the resource tax. Vessel owners want to pay their fair share; but for longterm viability, we need political-legal stability.”

Minced Fish: Tavan Takes Top Spot

Bui Tyril
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Minced Fish: Tavan Takes Top Spot

There is nothing quite like minced silver smelt, a world-unique prime quality product in high demand—produced at Leirvík’s fish factory Tavan for export to Northern European manufacturers of value-added seafood products.

Ever heard about mince made from prime quality rather than as a byproduct? Well, now you have. We’re talking about the Faroe Islands or, more precisely, one particular fish factory named Tavan, located in Leirvík. 

So the Faroe Islands silver smelt fishery—Marine Stewardship Council certified since about a decade ago—is exclusively dedicated to supplying Tavan, the country’s sole facility focused on this species. Indeed, Tavan’s main product since its founding some 30 years ago is minced silver smelt. 

Nonetheless, the factory has long offered other products as well, notably cod roe in different variables, as well as chopped and pickled pelagic fish. 

Tavan has always had a penchant for developing new products and the origin of the minced silver smelt is no exception to the rule. 

Operations manager Nicolaus Stauss holding up samples of fresh silver smelt. Image credits: Maria Olsen.

“Our research and development efforts early on resulted in the finding that silver smelt had an exceptional quality in minced form,” said operations manager Nicolas Stauss. “We tried initially to process silver smelt in various ways but got the best results from mincing it. As it turned out, minced silver smelt became a hit among Faroese households already back in the mid 1990s. Homemade fish cakes are traditionally very popular here and soon enough people in the Faroes found out that silver smelt was exceptionally good for making fish cakes. The best thing about it is you don’t need to add flour or any other binding agent to give the fish cakes the perfect consistency. Just add your favorite seasoning if you like.”

‘Fingers on pulse’

Before long, overseas industrial buyers began to place orders and the silver smelt product quickly became a success, which has been sustained ever since, with Tavan struggling to meet demand. After all, the annual silver smelt fishery season spans only from April through August.

“Of course we would like to send more shipments of minced silver smelt but our order books are full,” Mr. Stauss noted.

The popularity of the very special minced silver smelt is further put in perspective by the fact that Tavan is likely the world’s only producer of it.

“To be honest, we never thought of minced fish product as anything exclusive although we know better now,” Mr. Stauss said. “Of course we knew from our own experience that this is a top quality product; but it took a while before we discovered that most minced fish available on the market is made as a byproduct, whereas in our case it’s prime quality only. Well, in that regard we intend to stick to our current concept. So our clients can appreciate the fact that we’re able to source prime quality fish to produce mince from—catch landed straight from the fishing vessels to our facility. On top of that, the particular species we source for this purpose is exclusively silver smelt, which has proved superior in this category—rich in nutritional value, tasty, and extremely well suited for mincing. And its white color of makes it even more delicious.” 

So you have a well established, MSC-labeled silver smelt fishery in the Faroe Islands that is solely aimed at supplying Tavan, the only producer that has specialized in minced silver smelt. 

“As far as I’m aware, we’re the only ones doing it in the entire world,” Mr. Stauss said.

Tray portioning minced silver smelt. Image credits: Maria Olsen.

That means manufacturers of value-added seafood products in Northern Europe are provided with a highly advantageous starting point when using minced silver smelt as an ingredient. As for Tavan, their part in the supply chain concludes in the successful shipment of minced silver smelt to retail food manufacturers—from sourcing the raw fish to delivering the finished mince.

Meanwhile, Tavan is also a major provider of roe from cod, ling and saithe—frozen or salted—to top food brands in Scandinavia. 

Other products, depending on availability, include chopped pickled herring, whole pickled sprat, and individually quick frozen (IQF) fillets of mackerel.

“We keep our fingers on the pulse and maintain good contact with our clients and our suppliers,” Mr. Stauss added. 

“So we know from experience that market conditions change all the time, especially in the seafood business. No season is exactly the same in terms of supply, and of course demand changes and evolves over time. Therefore market and product development plays a very important part. At the same time, it’s obvious that the parameters of constancy—stability, predictability, reliability and so on—remain crucial and key to any longterm success. In that sense, minced silver smelt is a classic and a great example.”

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