Wednesday 1 November 2006
SHETLAND FISHING PARTNERS INVEST IN NEW VESSEL
Shetland Islands Council has today (Wednesday 1 November) ratified Shetland Development Trust’s decision to make an investment of £544,500 towards the building of a whitefish vessel, for Victor Laurenson and Partners LLP.
Victor Laurenson said: “We are pleased to have secured commercial funding packages with the Bank and the Trust to support our own partners’ investments in the new build. We are now seeing renewed optimism in the white fish industry and this investment will allow us to renew our fleet and give young people the opportunity to keep the islands’ fishing tradition alive.
“The 22-metre seine netter has been designed by Macduff Ship Design to the partners’ specification and will be built by the Parkol Marine Yard in Whitby. The vessel will be rigged so that it can be adapted from seine netting to trawl fishing.
“We have chosen a seine netter for its efficiency in fuel costs and fishing methods. We believe that seine netting retains the quality of the fish, which gives the buyers on the market and their customers a better product and resulting prices for the boat.
“We hope that the new vessel will be ready for sea in October next year.”
Chairman of Shetland Development Trust, Josie Simpson, said: “I am very pleased that these local partners have been able to secure investment into their industry which is an encouraging step for the Shetland white fish fleet.
“Burra was once a community at the very heart of the white fish industry, which in recent years has been in significant decline. By supporting this project, we are assisting a new generation of fishermen that are dedicated to the long-term future of the industry.”
Notes to Editor
Fishing Industry background notes
The Fisheries industries (fish catching, aquaculture, and fish processing) remain a vital component of Shetland’s economy. In 2003, the combined output of the fisheries industry was £243 million. This value represents almost one third of the total value of the local economy. Almost one fifth (18.4%) of the islands’ workforce is directly employed in the fisheries industry. These figures to do include ancillary sectors of the economy, such as engineering, transport and supply, that depend directly on the fisheries industry. It is estimated that for every person directly employed in the fisheries industry, at least one (and perhaps several) other persons depend indirectly on the industry for employment.
Shetland Development Trust background
The role of the Shetland Development Trust is to give direction to the development of the Shetland economy. This is achieved through the provision of financial assistance to new and existing businesses. SDT support is aimed at projects which demonstrate commercial viability and lead to the maintenance and development of Shetland’s industries on a long term sustainable basis.
All new applications for funding are now reviewed at ‘screening meetings’ which are attended by staff from the SIC Economic Development Unit, Shetland Enterprise and SDT.