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Speaker 1: With me today. It's Andro Young. Andro is chief Commercial

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Officer at Bacha Aqua Farms Group. Hi Andre, and welcome

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to Seafood Matters. Thanks for coming.

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Speaker 2: On, Thanks Jim, thanks for inviting me.

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Speaker 1: Thank you very much. My later, Andre, can you explain

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to our listeners your role within Bacha Aqua Farms Group.

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Speaker 2: Sure, I joined Baja Aqua Firms in August of two

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thousand and twenty four, and my role is the chief

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commercial officer. So what does that mean. I look after

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all of our sales around the globe. Also look also

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take care of all of our marketing efforts as we

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try to build out our Blue Fena brand. And we

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have a sales operations team as well that manages the

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sales from the farm to the customer. So those are

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my primary roles within the company.

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Speaker 1: Excellent. If I could just maybe divert a wee bit

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for a second. What I find not strange, But obviously

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our farms are in Mexico and that area. I'm talking

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to Andrew Young. M h a name like Andrew Young.

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I feel I'm talking to our fellow Scott.

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Speaker 2: Well. I grew up in I grew up on the

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furthest the farthest eastern part of Canada island called Newfoundland,

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which is famous for its fishing. And so yeah, my

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family heritage is probably a mix of English, Irish and Scottish.

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So so you're you're you're right in your in your

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sense of the name.

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Speaker 1: Wonderful, wonderful. How what is your career path that led

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you to join in the company?

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Speaker 2: Sure, well, my first job out of NBA school was

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the company called McCain Foods, who you're probably familiar with

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that brand because it's it's throughout the UK and Europe.

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It's actually it's a global brand. It's a frozen food company,

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mostly known as the world's largest French fry producer. And

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they so they recruited me out of school. I worked

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for them for twenty us years in both sales and

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marketing roles. And I was recruited by a company called

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Cook Seafood, who's also a Canadian based company. That was

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my first foray into the seafood side of the business,

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and I worked for them for a number of years

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and left Cook to join Bahi Aqua Firms in like

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I said, August of twenty twenty four. So most of

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my career was the first half of my career was

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in consumer packaged goods and then the last ten plus

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years have been on the seafood side of the business.

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Speaker 1: Okay, yeah, can you explain what modern ocean farming actually

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means in practical terms?

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Speaker 2: Well, you know, as you know, we have a unique

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go to market strategy with our product, so it's a

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mix of both a wild fishery and then an aquaculture piece. Obviously,

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to your question, we play in what I feel is

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a is a very very modern part of the industry.

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And what do I mean by that? Our farms are

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offshore farms, so there are nowhere near land. Our farm

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today is almost ten miles sort of triangulate from Tijuana,

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Mexico or San Diego, USA, so we're about ten miles out.

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So as I'm sure, as I'm sure you and your

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listeners know, a lot of the new technology and new

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frontiers around the aquaculture side of of seafood is trying

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to push firms away from the shore. We're already doing that.

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So we are what I would say is on the

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cutting edge of the aguaculture side of the business. We're

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also unique in the sense that we combined both the

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wild fishery and aquaculture in how in how we raise

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our fish and bring them to market. So what we're

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doing at Baha Aqua Firms is is like I said,

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leading edge and is really from from an aguaculture perspective,

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the future of where aquaculture is going.

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Speaker 1: When you talk about ten mile roughly out to see,

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the first thing that comes the first thing that comes

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to my mind is that have you any sheltered or

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is it completely exposed?

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Speaker 2: No, we are farm is next to a group of

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islands called Coronado Islands. Now there's two sets of Coronado

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Islands's one on the US but this is this is

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the Coronado Islands on the in Mexican waters. So we

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do have shelter, but again it's it's shelter on one

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side of the farm. The farm is largely exposed to

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the open ocean waters and that, of course uh provides

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many challenges to to raising our fish. But while blue

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fin wild bluefin and in and where we have our

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farm set up today, we've found waters that a have

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shelter as you've as you've as you've mentioned, but also

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have excellent tide structure. So the tides there are very

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favorable to farming blue fin.

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Speaker 3: Uh.

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Speaker 2: The oxygen levels of the water are very favorable to

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farming blue fin, the depth of the water very favorable.

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So again you really have to try to find that

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perfect spot when you are that far out, uh, in

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order to in order to have an environment where the

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fish thrive while they're living on that farm.

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Speaker 1: You mentioned before earlier had been you've been in our

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Shedland aisles and Orkney Ales. Do you see some a

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lot of the when you talk about the current tides

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and that, would you see there's a some a lot

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of the the it.

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Speaker 2: Yeah, Oh, of course, I think any any aquaculture business

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you're you're you're trying to find that perfect environment, whether

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it's salmon farming or whether it's cod farming or in

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our case blue fin tuna farming. You do have to

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find that that that perfect environment where you can where

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the fish can can thrive, and any one of those

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elements that don't work, whether it be like I said,

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oxygen levels or whether it's tides, or whether it's in

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some cases you know there there are there are there

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are places that have licenses as an example in Scotland

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on the salmon side that are that are absolutely perfect

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in terms of some of those elements, but the weather

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is just so bad that you can't you can't physically

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firm there. So whether water temperature, oxygen, oxygen levels, depth,

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all of those things are elements that you need to

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be working together in order to provide a viable aquaculture site.

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Speaker 1: And a ticket does it my regency in the tides

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and the currents, and that helped form the muscle, and

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that's a benefit.

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Speaker 2: Absolutely. You really want the fish to be living in

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as natural of an environments as you can provide, and

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so trying to emulate that is the key. But within

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that you also certainly you know, a topic that everyone

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talks about and seafood today is is El Nino and

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what effect that will have on various wild and agricultural

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fisheries around the world. And you know, water temperature is

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the one variable that can really make or break a

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farm or a wild fishery, of course, and so this

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year will be especially challenging, I think for many fisheries

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around the world, whether it be wildcought or whether it

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be aquaculture based, in terms of what that water temperature

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does and what the impact is on the fish and

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the metabolism of the fish and mortalities, or how fast

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they grow, or in our case, we are the only

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I call it a farm, other people call it a ranch.

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We're the only ranching operation in the entire world that

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only feeds our blue fin tuna fresh. We feed our

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fish fresh gardians. So the migratory pattern of blue Pacific

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bluefin tuna when they are in the Baja California, Mexican waters,

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they are there to catch and eat sardines. That's what

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they're there for in their migratory pattern. So we emulate

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that on the ranch or on the farm. We have

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our own sardine fleet. We have fourteen vessels and we

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fish fresh sardines every day and we deliver those back

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to the farm. But as I said when I started

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talking about this, we're the only ranching business in the

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world that does that. And I not only think, but

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I know that that leads to probably the best blue

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fin tuna that you can eat anywhere, because that comes

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out in the quality of the fish.

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Speaker 1: Yeah, it sounds to me under Lake, if you had

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a problem and some of the keyes were damaged the

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tuna and said, are going to say, doesn't matter if

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we can go we're not good anywhere.

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Speaker 4: This is too good, This is too good to leave.

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Speaker 2: Yeah, exactly exactly.

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Speaker 1: And also I wonder when you see close to their

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natural environment, the fact that you're going as far away

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as you're talking about, away from the coast, and that

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you would almost be in that position that you're farming

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them in their natural environment.

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Speaker 2: Oh, absolutely absolutely, I mean when we so you know,

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when you think about our business, we're both a wild

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fishery business and an agriculture business. As I said before,

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when we catch our bluefin tuna in many cases, actually

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we just finished the latest tranche of our fishing season.

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The tuna that we cought in the last couple of

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weeks were no more than ten miles from the farm itself.

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So that is very much their natural habitat. That's our

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farm is right, is part of the migratory pattern that

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they go through, so they so the wild blue fin

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actually swim by our farm. So again it is it

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is very much a natural environment for them, not only

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the waters and the water temperature, but most importantly the

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feed that they're that they're after.

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Speaker 1: It's amazing incredible. See we'll see if the environment obviously

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it's evolved enormously over the last two decads. Well, certainly

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here it has. What change have what changes have unplaced

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you most.

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Speaker 2: In terms of sorry, just just.

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Speaker 1: The ginges over the last two decads or the tainment

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you've been involved. Have you seen a lot of ginges?

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Speaker 2: Oh yeah, no, absolutely, I think you think one of

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the biggest changes. I'm sure you've taught to previous guests

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about this, but is the change in the sustainability practices

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of the business overall, not only the wild fishery, but

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most importantly the aquaculture side of the business. So you know,

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and sustainability is a big word and it means many things,

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but you know, fish welfare is very important, so stocking

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densities of farms that you have. We have very low

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stocking density on our firms, which of course allows the

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fish to thrive. In terms of feed, as I mentioned earlier,

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we only feed one hundred percent natural. So that's that's uh,

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you know that that's something that I talked to customers

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a lot about. But the rest of the agriculture business

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around the world is obviously made tremendous strides in terms

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of what they're feeding their fish, and you know, things

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like we don't have any disease on our firm because

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again it's in a natural environment and we only feed

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natural feed. But again, if you expand out to whether

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it be the shrimp business or the salmon business, obviously

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many of those businesses have made tremendous progress in terms

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of the quality of the fish from a sustainability perspective,

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and that's driven by you know, two main factors. One

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is NGOs and their pressure UH to ensure that the

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aquaculture businesses around the world are sustainable. But but the

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the the other side is quite frankly just from the consumer.

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So from the consumer side, they obviously demand more sustainable products.

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That's not just specific to seafood, of course, you know,

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you see it across beef for chicken or poultry, what whatever.

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The industry will. Seafood has had to make many changes

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so that they are that they are selling products to

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consumers that consumers want. So I would say more than anything,

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it's just it's just the the incredible change in sustainability

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practices overall.

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Speaker 1: Yeah, yeah, yeah.

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Speaker 2: And that and there's still you know, there's still a

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lot of work to be done on that. And you know,

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they're the seafood business. I think in general is a

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little behind the times when it comes to certifications. There's

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too many certifications in our business. But certification bodies like

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the like MSc and a SC have done like a

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really good job in trying to consolidate that and and

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make sure that everybody is is uh, you know, leaning

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into those certifications as a way to create a sustainable

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product for consumers.

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Speaker 1: Maybe it's maybe not the same lateness, but I often

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think even with the way effecialty in Scotland, I feel

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do you feel you're said that taking ownership and the

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industry does a certification.

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Speaker 2: Yeah, oh, listen, it's sown important, you know. On the

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tuna side, you've got to remember that there's there's there's

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really two main blue fin tuna fisheries around the world.

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Right There's the Pacific bluefin tuna, which is the largest

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part of that fishery is in Japan, and the largest

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market for bluefin in the world is in Japan. So

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there's the Pacific blue fin which is caught either in

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Japan wildcought, but a very small percentage of it is

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wildcought in North American waters. And then we have our

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own Mexican bluefin operation. But same species as as as

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is being farmed or wildcot in Japan. And then you

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have the Atlantic bluefin, which their migratory pattern is is

239
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again the fish are very more in terms of their

240
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in terms of their scientific structure, but there there are

241
00:19:09,079 --> 00:19:12,759
some some differences. And then you have the Atlantic bluefin,

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00:19:12,839 --> 00:19:22,279
which is mostly caught in the Mediterranean area, so Spain, UH, Croatia, Turkey,

243
00:19:23,960 --> 00:19:28,480
Malta play those would be the main players, and they

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have they've also developed a ranching style business in those countries, Spain, Turkey,

245
00:19:37,079 --> 00:19:46,559
Malta being the largest. So but again uh, you know,

246
00:19:47,519 --> 00:19:52,680
the sustainable both of those both of those fisheries are

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monitored by UH, the by an international tribunal, and that

248
00:20:00,440 --> 00:20:06,079
tribunal is made up of scientists, government officials, and industry.

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And that that that tribunal or that group, they're the

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ones that set the quota for the for the fishery

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and both the Pacific side and the Atlantic side. And

252
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you know went y plus years ago both the both

253
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both fisheries, both the Pacific bluefin tuna fishery and the

254
00:20:28,200 --> 00:20:34,400
Atlantic bluefin tuna fishery. From a quota setting perspective, we're

255
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not sustainable and so a lot of work has been

256
00:20:38,640 --> 00:20:42,000
done over the last twenty years to ensure that the

257
00:20:42,480 --> 00:20:46,319
stock of both Pacific bluefin tuna and Atlantic bluefin tuna

258
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are in good shape. And today that you know that

259
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all that work that's been done over twenty years and

260
00:20:53,799 --> 00:20:58,200
all of that monitoring has paid dividends because we're at

261
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a stage now where the stock of both both of

262
00:21:01,920 --> 00:21:06,519
those fisheries are in such good shape that it allows

263
00:21:06,559 --> 00:21:11,640
for quota increases as as we move forward. And so

264
00:21:12,079 --> 00:21:14,960
uh that that's that's a sign of a of a

265
00:21:15,000 --> 00:21:20,279
well managed fishery, definitely, Yeah. And uh and and and

266
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the work that's been done by the by the International

267
00:21:24,039 --> 00:21:28,960
Tuna Tribunal is UH has has been fantastic. But again

268
00:21:29,119 --> 00:21:33,920
it's a it's a collective effort. But even even when

269
00:21:33,960 --> 00:21:37,960
we do our own wild fishery, which usually takes place

270
00:21:38,000 --> 00:21:43,279
between February and May, we have observers on our boats

271
00:21:43,880 --> 00:21:50,160
uh from UH the you know, from both the tribunal

272
00:21:50,240 --> 00:21:54,759
and or and the Mexican government. So you know, it's

273
00:21:55,079 --> 00:21:56,960
it's come a long way from where it used to be.

274
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Speaker 1: I hope I'm not talking about the turn of the others.

275
00:22:00,799 --> 00:22:04,640
Just you mentioned just no under a bet and my

276
00:22:04,799 --> 00:22:07,839
main I would say, well, you've talked about the sites

277
00:22:08,319 --> 00:22:14,160
that your farms are. You must be males ahead of

278
00:22:14,400 --> 00:22:18,960
some of the other countries you mentioned as far as water,

279
00:22:19,319 --> 00:22:22,720
the environment that you know, no pollution.

280
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Speaker 2: Yeah, I mean, I never like to speak negatively about

281
00:22:26,880 --> 00:22:30,720
anyone else, so only speak positively about our operation. And

282
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I think I would say that I think we have

283
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the most sustainable, most advanced firm in the world. I

284
00:22:40,240 --> 00:22:44,519
think we brought a lot of technology into the site itself.

285
00:22:46,640 --> 00:22:51,119
As an example, all of our pens. We have thirty

286
00:22:51,160 --> 00:22:54,759
pens on our site. Each pen is you know, roughly

287
00:22:54,799 --> 00:22:57,319
the size of a football pitch, think about that way.

288
00:22:58,000 --> 00:23:02,839
And the each of those pens have automatic feeders that

289
00:23:02,920 --> 00:23:07,240
go into the pens with cameras so that we can

290
00:23:07,400 --> 00:23:12,480
ensure that obviously we're getting efficiency out of the feed

291
00:23:13,160 --> 00:23:16,559
but also to make sure that fish are fed enough

292
00:23:17,319 --> 00:23:20,720
during the day. Uh. And we obviously want that because

293
00:23:20,720 --> 00:23:22,519
we want them to put on weight and we want

294
00:23:22,519 --> 00:23:25,079
them to put on fat, because that's what we're really

295
00:23:25,119 --> 00:23:27,839
after in terms of the ranching part of the business.

296
00:23:28,160 --> 00:23:31,240
But we have you know, again from a technology perspective,

297
00:23:31,240 --> 00:23:34,440
we have cameras on each of the pens. We have

298
00:23:34,519 --> 00:23:39,200
automatic cleaners that go and it's you think of it

299
00:23:39,240 --> 00:23:43,400
in terms of you know, the the robot vacuums that

300
00:23:43,440 --> 00:23:45,640
you have that you see in people's houses, Well, we

301
00:23:45,720 --> 00:23:48,319
have those on thin think of those, but in a

302
00:23:48,400 --> 00:23:51,640
much larger scale, we have those on the farm. And

303
00:23:51,680 --> 00:23:53,519
that's how we clean our pens.

304
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Speaker 3: Uh.

305
00:23:54,559 --> 00:23:57,119
Speaker 2: And why do we do it that way. Well, it's

306
00:23:57,319 --> 00:24:01,480
put way less stress on the fish itself when they're

307
00:24:01,480 --> 00:24:04,960
in their pens. So a traditional way of cleaning pens

308
00:24:05,039 --> 00:24:07,400
is you send divers down and you have to lift

309
00:24:07,440 --> 00:24:09,039
the pens out of the water and you have to

310
00:24:09,079 --> 00:24:13,240
spray them. Tremendous amount of stress on the fish while

311
00:24:13,279 --> 00:24:15,799
you're doing that, but you have to clean the pens, right,

312
00:24:15,799 --> 00:24:19,759
you have to keep them clean so that the fish

313
00:24:19,799 --> 00:24:25,200
are in a good environment. Well, we've brought technology like

314
00:24:25,759 --> 00:24:30,160
that to the farm. It's it's there's an economic benefit

315
00:24:30,240 --> 00:24:34,480
because obviously it's more efficient to clean that way, but

316
00:24:35,400 --> 00:24:37,759
it's also there's a huge benefit in terms of the

317
00:24:37,839 --> 00:24:41,119
quality of the farm and the quality of life that

318
00:24:41,160 --> 00:24:42,480
the fish have when they're there.

319
00:24:43,200 --> 00:24:48,640
Speaker 1: It's fantastic. But the one thing that it might mean

320
00:24:48,640 --> 00:24:51,480
when you mentioned that, and it's just making me think

321
00:24:51,960 --> 00:24:54,920
you have. No, it's not like a farm in a

322
00:24:55,079 --> 00:24:58,920
field with cattle or sheep or whatever, and you can

323
00:24:59,000 --> 00:25:03,039
see they're gaining with does the combat as all you

324
00:25:03,200 --> 00:25:07,319
need to actually can you see that they're gaining with? Oh?

325
00:25:07,359 --> 00:25:12,160
Speaker 2: Absolutely? Yeah, yeah, I mean the cameras use artificial intelligence

326
00:25:12,680 --> 00:25:15,559
that uh, and you think about the farm. So there's

327
00:25:15,599 --> 00:25:18,000
the thirty pens that are that are in the ocean,

328
00:25:18,440 --> 00:25:22,839
but we have cameras that a we use for the

329
00:25:22,839 --> 00:25:26,240
feeding side of the business. But obviously but most importantly,

330
00:25:26,359 --> 00:25:30,559
we use that information to monitor what is their weight gain,

331
00:25:31,119 --> 00:25:34,240
how many fish are in each pen. So you know,

332
00:25:34,279 --> 00:25:36,119
you we want to you want to have an accurate,

333
00:25:36,319 --> 00:25:40,279
accurate account for that. You want you want to monitor

334
00:25:40,359 --> 00:25:43,680
their health overall, and so that all gets fed into

335
00:25:44,640 --> 00:25:47,640
a computer system which is at the firm. So we

336
00:25:47,759 --> 00:25:52,799
have a we have a main vessel that houses the

337
00:25:52,839 --> 00:25:56,079
people that work at the farm. So uh, there's about

338
00:25:56,720 --> 00:26:00,799
around thirty people that live at the farm. Those are

339
00:26:00,839 --> 00:26:05,000
both you know, anyone anyone and some of those people

340
00:26:05,039 --> 00:26:09,680
are the people that manage the artificial intelligence and computer

341
00:26:09,799 --> 00:26:16,039
systems that monitor all of those things, fish health, feeding,

342
00:26:17,079 --> 00:26:20,240
how much weight that they're putting on, when is the

343
00:26:20,319 --> 00:26:23,440
right time to harvest them all of those things.

344
00:26:24,720 --> 00:26:29,319
Speaker 1: That's really impressive. Yeah, I take it with the old

345
00:26:29,960 --> 00:26:35,559
comment when people would talk about farmed seafood is infeedy

346
00:26:35,680 --> 00:26:39,480
or quality, I would take that's a perception who dated now,

347
00:26:39,599 --> 00:26:39,880
is it?

348
00:26:40,519 --> 00:26:45,240
Speaker 2: Oh? Absolutely? I mean, well, first of all, I think people,

349
00:26:45,480 --> 00:26:48,400
I think the average consumer. You know, you and I

350
00:26:48,480 --> 00:26:51,519
are not the average seafood consumer because we're in the business.

351
00:26:51,680 --> 00:26:59,480
But I think the latest overall is somewhere around seventy

352
00:26:59,519 --> 00:27:03,200
to seventy five of all seafood consumed around the world

353
00:27:03,319 --> 00:27:07,079
is aquaculture based, uh, and that and that percentage is

354
00:27:07,119 --> 00:27:13,319
growing because of course there's growing population and there's more,

355
00:27:13,519 --> 00:27:17,359
there's there's a lot of pressure on the wildstock, wild

356
00:27:17,400 --> 00:27:22,119
fisheries around the world, changing water temperatures, everything else. So

357
00:27:22,799 --> 00:27:26,680
agaculture is is going to be very important. It's going

358
00:27:26,759 --> 00:27:29,519
to continue to grow in terms of its percentage of

359
00:27:29,559 --> 00:27:34,519
the overall amount of seafood that gets that gets brought

360
00:27:34,519 --> 00:27:36,759
to consumers.

361
00:27:36,119 --> 00:27:43,599
Speaker 1: Yeah. How important is culinary innovation and changing public attitudes

362
00:27:43,640 --> 00:27:46,200
towards responsible farm seafood.

363
00:27:47,559 --> 00:27:52,640
Speaker 2: Oh, it's I think it's I mean chefs so on

364
00:27:52,720 --> 00:27:58,000
the food service side of the business, chefs in general,

365
00:27:58,920 --> 00:28:04,079
in a growing way are demanding more sustainable seafood. So

366
00:28:05,319 --> 00:28:09,799
there's that pressure from the chef's side of the business

367
00:28:09,880 --> 00:28:13,160
or the culinary side of the business. And then on

368
00:28:13,200 --> 00:28:19,960
the retail side. We only service today. We're almost exclusively

369
00:28:20,000 --> 00:28:22,759
a food service business, so all of our fish end

370
00:28:22,839 --> 00:28:27,279
up in restaurants. None of what we produce today goes

371
00:28:27,319 --> 00:28:29,839
to retail. And that's not to say that that's not

372
00:28:30,000 --> 00:28:33,039
a white space for our business. I think it is.

373
00:28:33,920 --> 00:28:37,599
But so in our business, when we talk to chefs,

374
00:28:38,160 --> 00:28:42,720
they's some of the first questions they ask. You know,

375
00:28:42,799 --> 00:28:46,880
they can make decisions on the quality or your fish

376
00:28:47,119 --> 00:28:50,079
by cutting it and cooking it and eating it. But

377
00:28:51,119 --> 00:28:53,160
whether we talk to a national chain or whether we

378
00:28:53,240 --> 00:28:56,720
talk to a chef at a Michelin star restaurant or

379
00:28:56,759 --> 00:29:01,359
a white tablecloth restaurant, they want to know about our

380
00:29:01,480 --> 00:29:05,079
farm and what we're doing and how we're raising our fish.

381
00:29:05,720 --> 00:29:08,759
That's a big factor in them determining whether or not

382
00:29:08,759 --> 00:29:14,039
they buy our fish or somebody else's. Uh so so, yeah, No,

383
00:29:14,160 --> 00:29:18,480
it's the The culinary side of the business is very

384
00:29:18,519 --> 00:29:23,000
focused on the the what what you're doing to raise

385
00:29:23,039 --> 00:29:24,640
those fish or catch those fish?

386
00:29:25,319 --> 00:29:31,119
Speaker 1: Yeah, and from a culinary perspective. Again, what defines truly

387
00:29:32,079 --> 00:29:35,240
high quality seafood today?

388
00:29:36,240 --> 00:29:42,200
Speaker 2: Yeah, I mean beyond sustainability, I think one of the

389
00:29:42,720 --> 00:29:46,640
you know, one of the big elements, especially when it

390
00:29:46,680 --> 00:29:53,799
comes to aguaculture is freshness. Obviously, you know where our

391
00:29:53,880 --> 00:29:57,519
business is. One of the big benefits of our business.

392
00:29:57,640 --> 00:30:02,240
The largest market for our fish is in the US,

393
00:30:03,160 --> 00:30:08,000
So I'll answer your question this way. And so we

394
00:30:08,119 --> 00:30:11,200
have the benefit of being very close to the US,

395
00:30:12,839 --> 00:30:15,799
and so our supply chain into the US market is

396
00:30:15,920 --> 00:30:19,599
very There's a very short timeframe. We can harvest fish

397
00:30:19,640 --> 00:30:22,920
on a Saturday and it's in somebody's restaurant on a

398
00:30:23,119 --> 00:30:30,200
Monday or Tuesday. But that's important because the freshness of

399
00:30:30,240 --> 00:30:35,839
the fish from a culinary's perspective is very important, especially

400
00:30:36,000 --> 00:30:41,519
with a species like bluefin tuna who and that fish

401
00:30:41,559 --> 00:30:45,759
has a shorter shelf life as it relates to freshness.

402
00:30:46,599 --> 00:30:53,119
So freshness is a big one. I think. Obviously the

403
00:30:53,160 --> 00:30:57,640
sustainability piece which we talked about, and within the sustainability piece,

404
00:30:57,799 --> 00:31:00,920
what are the fish being fed? From an actical culture perspective,

405
00:31:01,160 --> 00:31:05,759
your supply chain is very important. So in our case,

406
00:31:07,119 --> 00:31:09,960
from the time the fish has harvested to the time

407
00:31:10,000 --> 00:31:12,759
that it shows up in a box to a distributor.

408
00:31:14,160 --> 00:31:17,599
How is that fish being treated along the way? So

409
00:31:19,000 --> 00:31:20,759
are you icing it as soon as it comes out

410
00:31:20,759 --> 00:31:24,279
of the water, which of course we are. Are you

411
00:31:24,599 --> 00:31:29,400
keeping the fish chilled throughout the supply chain process because

412
00:31:30,079 --> 00:31:35,519
that you know that data course is leads to leads

413
00:31:35,559 --> 00:31:40,440
to quality. And so chefs, distributors, customers, they want to

414
00:31:40,480 --> 00:31:43,920
know about your supply chain. Also they want to know

415
00:31:43,920 --> 00:31:50,519
about traceability. And again in our case, we trace as

416
00:31:50,559 --> 00:31:54,559
soon as our fish land at the farm all the

417
00:31:54,599 --> 00:31:58,359
way to the customer. We trace every single one of

418
00:31:58,359 --> 00:32:01,599
those fish. And we actually have QR attach that's attached

419
00:32:01,640 --> 00:32:05,799
to the head of our fish where the customer can

420
00:32:05,839 --> 00:32:08,480
go on and just scan the QR code and they

421
00:32:08,480 --> 00:32:12,160
can see when the fish landed at the farm, how

422
00:32:12,200 --> 00:32:16,119
long it was there, when it was harvested. We grade

423
00:32:16,119 --> 00:32:20,519
each of our fish, so we each one of our

424
00:32:20,519 --> 00:32:24,000
fish is grade for fat content, so they can see

425
00:32:24,000 --> 00:32:25,920
the grading of that fish and then they can also

426
00:32:25,920 --> 00:32:28,359
see the temperature as it as it goes along the

427
00:32:28,400 --> 00:32:35,480
supply chain route. So traceability, sustainability, supply chain all really

428
00:32:35,519 --> 00:32:40,319
important from a differentiation point.

429
00:32:41,000 --> 00:32:46,559
Speaker 1: When you talk about the fat content. Can you control that? Yeah?

430
00:32:46,599 --> 00:32:50,839
Speaker 2: Absolutely, I mean that's what branching is all about. It

431
00:32:51,119 --> 00:32:56,279
quite frankly, is is managing both the size of the fish,

432
00:32:56,319 --> 00:33:00,000
but most importantly in our business and the blue fish

433
00:33:00,119 --> 00:33:06,720
tuna business, is trying to create fat content, which is

434
00:33:07,039 --> 00:33:10,599
sought after by chips. That's really what they're after. And

435
00:33:10,640 --> 00:33:13,400
that's one of our big points of differentiation is that

436
00:33:13,960 --> 00:33:18,400
we have we have probably the best fat content of

437
00:33:18,440 --> 00:33:21,279
any blue fin tuna in the world. And again it

438
00:33:21,359 --> 00:33:25,079
goes back to that's not that's not by accident, that's

439
00:33:25,240 --> 00:33:29,839
that's because of our farming operations. It goes back to

440
00:33:29,880 --> 00:33:34,319
the fat that we're feeding them, high fat sardines, which

441
00:33:34,359 --> 00:33:37,319
is what they what they eat in the wild, and

442
00:33:37,400 --> 00:33:40,960
so through our farming and feeding operations, we're able to

443
00:33:41,000 --> 00:33:45,799
provide that fat content. But absolutely, it's it's very prescriptive

444
00:33:46,359 --> 00:33:51,759
in terms of how we go about it. And uh, now,

445
00:33:51,799 --> 00:33:58,200
the the we when we catch blue fin the arab

446
00:33:58,279 --> 00:34:00,839
I'll give you an average size, like a trailing three

447
00:34:00,920 --> 00:34:04,200
year average size, and I'll do it in CAGs if

448
00:34:04,240 --> 00:34:10,840
that's okay. So we the average size of a fish

449
00:34:10,920 --> 00:34:14,199
that lands on our farm is around between seventy and

450
00:34:14,239 --> 00:34:22,000
eighty kgs. So uh, Now, they do have a certain

451
00:34:22,000 --> 00:34:27,400
amount of fat content because they're they're grown fish. They're

452
00:34:27,440 --> 00:34:30,800
you know, they're not juveniles. They're they're they're they're well

453
00:34:30,840 --> 00:34:35,880
into their Jewish maturity cycle, so they do have some fat.

454
00:34:36,519 --> 00:34:39,760
What we do so now, the average sized fish that

455
00:34:39,800 --> 00:34:44,719
we harvest is uh somewhere around one hundred and thirty

456
00:34:44,719 --> 00:34:48,079
one hundred and forty kgs. So that growth is both

457
00:34:48,400 --> 00:34:54,239
fat content, uh and also and also obviously just size

458
00:34:54,280 --> 00:34:54,800
of the fish.

459
00:34:54,960 --> 00:34:56,079
Speaker 1: So uh.

460
00:34:56,360 --> 00:34:59,760
Speaker 2: And they typically stay on the farm somewhere around a year,

461
00:35:00,840 --> 00:35:05,159
so it takes it takes you know, some depending on

462
00:35:05,639 --> 00:35:09,719
what size they were going in, you know, anywhere between

463
00:35:09,760 --> 00:35:11,840
eight and twelve months before they get harvested.

464
00:35:13,840 --> 00:35:17,360
Speaker 1: From what the way it described that, Andrew, it sort

465
00:35:17,400 --> 00:35:22,360
of got me thinking on the so called health experts

466
00:35:22,599 --> 00:35:27,320
who are trying to you hear them talking about as

467
00:35:27,400 --> 00:35:33,199
losing weight and being healthier, and they'll tell us to

468
00:35:33,320 --> 00:35:38,760
cut fat and they'll be taking the fat off meat

469
00:35:38,880 --> 00:35:42,119
and things, and yeah, they're just losing the flavor it.

470
00:35:43,480 --> 00:35:47,079
Speaker 2: Well, like I said, the the the toro piece of

471
00:35:47,239 --> 00:35:51,679
the blue fin tuna is what what chefs really go after,

472
00:35:51,800 --> 00:35:57,199
because that is uh, that's for both flavor and texture.

473
00:35:57,760 --> 00:36:00,320
And that's and that's and that's that's the most Also,

474
00:36:01,559 --> 00:36:04,920
it's a lot different than salmon. As an example, you know,

475
00:36:05,679 --> 00:36:09,320
on the salmon side, the belly side of the salmon,

476
00:36:09,360 --> 00:36:12,119
which is the fat piece, is the cheaper part of

477
00:36:12,159 --> 00:36:15,960
the fish, whereas in bluefin that's actually the most expensive

478
00:36:15,960 --> 00:36:16,679
part of the fish.

479
00:36:17,480 --> 00:36:24,239
Speaker 1: Well that not just speak volumes. And you know you

480
00:36:24,320 --> 00:36:30,679
said salmon, that's bluefin and salmon our whales. Whitefish is

481
00:36:30,760 --> 00:36:37,159
mostly whitefish. Our whale fish here we cord. Yeah, if

482
00:36:37,199 --> 00:36:41,880
I in fact the way I'll describe it slightly, definitely,

483
00:36:41,920 --> 00:36:45,320
and I would just say I had a restaurant here

484
00:36:45,639 --> 00:36:50,760
at a project he'd run it for twenty years, seafood

485
00:36:50,920 --> 00:36:54,800
only sea rest. If I had just say I got

486
00:36:55,159 --> 00:37:01,039
cord of a fishing board that just landed, I would

487
00:37:01,079 --> 00:37:05,440
be cut in it and portion in it for the restaurant. Yeah,

488
00:37:05,519 --> 00:37:08,400
the bailey, I took it home.

489
00:37:09,039 --> 00:37:15,159
Speaker 2: Yeah, No, exactly delicious, delicious or the cheeks or the

490
00:37:15,440 --> 00:37:16,199
or the tongue.

491
00:37:16,639 --> 00:37:23,920
Speaker 1: Yeah, exactly definitely. Yeah, confirmed seafood no genuinely compete with

492
00:37:24,480 --> 00:37:28,480
premium whales seafood for flavor and texture.

493
00:37:30,039 --> 00:37:34,440
Speaker 2: Oh, I mean in our business. There's no comparison really.

494
00:37:34,639 --> 00:37:38,480
I mean the ranching side or the aquaculture side of

495
00:37:38,480 --> 00:37:43,880
the business is UH is the vast majority of what

496
00:37:43,880 --> 00:37:47,840
what UH high end chefs want and this, you know,

497
00:37:47,920 --> 00:37:50,719
this is a this is a it's a very expensive

498
00:37:50,960 --> 00:37:54,719
fish to buy. So UH we are in sort of

499
00:37:54,440 --> 00:38:00,440
the very high value part of the chain. And so

500
00:38:00,519 --> 00:38:04,920
we are dealing with you know, Oma Kassie style restaurants,

501
00:38:05,840 --> 00:38:09,559
high end Japanese style restaurants, or high end white tablecloth

502
00:38:09,679 --> 00:38:20,119
or steakhouse restaurants, and they they absolutely want firmed bluefin

503
00:38:20,320 --> 00:38:23,960
because of the consistency. They know what they're going to

504
00:38:24,000 --> 00:38:27,760
be able to get. It's consistent year round, which is

505
00:38:27,880 --> 00:38:31,000
very important to them. And again it goes back to

506
00:38:31,519 --> 00:38:40,480
they know that the farming practices can deliver the better quality, taste,

507
00:38:41,000 --> 00:38:44,679
and texture than what they can get in the wild.

508
00:38:45,840 --> 00:38:51,840
Speaker 1: Yeah. Yeah, And what role do you feed, water quality

509
00:38:51,920 --> 00:38:56,280
and farming methods play in the final eating experience?

510
00:38:56,840 --> 00:39:01,800
Speaker 2: Oh, it's it's it's everything. Like I said, I mean,

511
00:39:03,360 --> 00:39:06,880
how the fish is caught, how the fish is taken

512
00:39:06,920 --> 00:39:11,360
care of and fed at the farm, what does the

513
00:39:11,400 --> 00:39:14,920
supply chain look like out of that? Those are all

514
00:39:14,920 --> 00:39:22,760
elements that you know we were able to sell our fish.

515
00:39:22,880 --> 00:39:25,599
We have high demand for our fish at a very

516
00:39:25,679 --> 00:39:29,079
high cost. And why is that we never have to

517
00:39:29,119 --> 00:39:33,239
discount our fish. All the fish that we that we

518
00:39:33,360 --> 00:39:38,519
raise and then harvest are all graded Superior A, so

519
00:39:38,920 --> 00:39:44,280
we have almost no defects, almost no B graded fish.

520
00:39:44,320 --> 00:39:47,119
And then we have that consistency three hundred and sixty

521
00:39:47,119 --> 00:39:50,599
five days a year. So if you're a restaurant owner,

522
00:39:51,039 --> 00:39:54,199
if you're a seafood distributor, you know that you're going

523
00:39:54,239 --> 00:39:56,519
to get the same quality three hundred and sixty five

524
00:39:56,599 --> 00:39:59,119
days a year, and you know that that fish is

525
00:39:59,159 --> 00:40:01,360
going to be available and you know that.

526
00:40:02,679 --> 00:40:03,400
Speaker 3: Uh.

527
00:40:03,440 --> 00:40:07,320
Speaker 2: It's again one of one of my biggest selling points

528
00:40:07,320 --> 00:40:11,320
when I talked to either current customers or prospective customers

529
00:40:11,480 --> 00:40:17,840
is our farming practices as it relates to emulating their

530
00:40:17,960 --> 00:40:20,760
environment as much as we can in a farming in

531
00:40:21,360 --> 00:40:28,440
a ranching environment, UH leads to just the highest quality fish.

532
00:40:28,480 --> 00:40:30,159
But if you don't do if you don't do all

533
00:40:30,199 --> 00:40:32,760
of those all the things that you mentioned, whether it's

534
00:40:33,199 --> 00:40:36,599
how you catch them, how you how you treat them

535
00:40:36,639 --> 00:40:41,960
at the farm, UH, stocking density, Uh, are they are

536
00:40:41,960 --> 00:40:44,920
they living in a in a water temperature and environment

537
00:40:45,039 --> 00:40:48,800
that allows them to thrive. What are they eating while

538
00:40:48,800 --> 00:40:53,639
they're there? What are your harvest methods? Uh? You know,

539
00:40:53,920 --> 00:40:58,360
we just we just got certified what's called the Ikogimi

540
00:40:58,880 --> 00:41:05,639
certification method, which essentially means that you are humanely taking

541
00:41:05,639 --> 00:41:08,840
care of your fish, but you're also humanely harvesting them

542
00:41:09,239 --> 00:41:11,920
so when you bring them, when you're about to bring

543
00:41:11,960 --> 00:41:15,840
them to market, that you're doing it in a way

544
00:41:16,239 --> 00:41:19,159
that it doesn't cause any stress on the fish.

545
00:41:20,159 --> 00:41:20,280
Speaker 3: Uh.

546
00:41:20,679 --> 00:41:25,039
Speaker 2: And Uh, they they go from swimming in the ocean

547
00:41:25,920 --> 00:41:30,199
to the harvest boat in a very short period of time.

548
00:41:30,599 --> 00:41:35,599
Speaker 1: Seconds from the weird describing it, Andro, what's coming to

549
00:41:35,719 --> 00:41:41,199
my mind is I think your stalk are living a

550
00:41:41,239 --> 00:41:41,880
happy lafe.

551
00:41:42,679 --> 00:41:42,920
Speaker 2: Yeah.

552
00:41:43,360 --> 00:41:48,159
Speaker 1: Absolutely, that's boned, boned to come out in the flavored. Oh,

553
00:41:48,920 --> 00:41:49,920
they're not stressed.

554
00:41:50,480 --> 00:41:53,920
Speaker 2: They're not they're not mutually exclusive, they're they're they're tied

555
00:41:53,920 --> 00:41:58,400
at the hip. You how how you treat your fish

556
00:41:58,519 --> 00:42:03,719
and how you feed your fish is one hundred percent

557
00:42:03,840 --> 00:42:06,199
link to the quality of the fish that you're able

558
00:42:06,280 --> 00:42:09,679
to sell. And so my job in some in some

559
00:42:09,719 --> 00:42:13,880
ways is easy because of our firming operation and and

560
00:42:13,880 --> 00:42:16,760
and what a great job that they do. Because I

561
00:42:16,800 --> 00:42:21,960
know that when when our fish go to market, I'm

562
00:42:22,000 --> 00:42:23,960
not going to have any pushback from customers.

563
00:42:25,320 --> 00:42:30,840
Speaker 1: Yeah, which is amazing. Yeah, it's one of the things

564
00:42:30,840 --> 00:42:38,840
that really it's completely my qualified mind, but one of

565
00:42:38,920 --> 00:42:44,039
the things that I find surprising. And you'll probably say, well,

566
00:42:44,079 --> 00:42:48,639
there's no reason or need to feel surprised that when

567
00:42:48,679 --> 00:42:54,599
you mentioned your obviously your product is juna, bluep and tuna. Yeah,

568
00:42:54,679 --> 00:43:00,920
I was really surprised earlier when Japan's not your market.

569
00:43:01,039 --> 00:43:02,559
If you asked me, I would have said it was

570
00:43:02,559 --> 00:43:04,400
the only market. Yeah.

571
00:43:05,440 --> 00:43:09,119
Speaker 2: Yeah, well that used to be the case. So the

572
00:43:09,199 --> 00:43:13,760
Japanese market is the largest in the world. I'll just

573
00:43:13,800 --> 00:43:16,519
give you like rough figures to give you a reference point.

574
00:43:17,320 --> 00:43:22,519
So the consumption of bluefin tuna in Japan is in

575
00:43:22,559 --> 00:43:27,000
and around seventy five thousand metric tons a year. The

576
00:43:27,719 --> 00:43:32,360
consumption of bluefin tuna in the United States, obviously a

577
00:43:32,440 --> 00:43:37,360
much bigger country, is about seventy five hundred metric tons

578
00:43:37,360 --> 00:43:40,280
a year, so it's ten percent. So the consumption in

579
00:43:40,320 --> 00:43:42,800
the US is only ten percent of what the consumption

580
00:43:42,960 --> 00:43:47,960
is in Japan. Now, having said that, the consumption in

581
00:43:48,039 --> 00:43:53,480
Japan is declining because it's a declining population and therefore

582
00:43:53,639 --> 00:43:56,119
the consumption. And there's other and there's there are other

583
00:43:56,159 --> 00:43:59,800
alternatives that have been introduced over the years, but the

584
00:44:00,239 --> 00:44:04,159
consumption in Japan is flat to declining, whereas the US

585
00:44:04,199 --> 00:44:08,480
the consumption has ramped up considerably in the last five

586
00:44:08,519 --> 00:44:11,679
to ten years. And the reason for that is that

587
00:44:11,719 --> 00:44:16,199
there's been a real explosion of two things. Oh, makazi

588
00:44:16,280 --> 00:44:22,639
style restaurants, so those are traditional Japanese restaurants. There's been

589
00:44:22,679 --> 00:44:24,800
a lot of growth on that side of the business.

590
00:44:25,679 --> 00:44:29,639
And then just overall consumption of sushi in the US

591
00:44:30,239 --> 00:44:35,079
has grown significantly, so that's grown the consumer base, and

592
00:44:35,280 --> 00:44:41,199
the US bluefin tuna business today is growing at around

593
00:44:41,199 --> 00:44:48,440
fifteen to twenty percent a year. So to your point,

594
00:44:48,840 --> 00:44:53,760
when Baja first started twenty years ago, one hundred percent

595
00:44:53,840 --> 00:44:58,400
of that product was being shipped to Japan. Today, only

596
00:44:58,440 --> 00:45:03,280
about twenty percent of our business is in Japan, and

597
00:45:03,400 --> 00:45:06,480
Japan is a again, it's it's a much bigger market,

598
00:45:06,559 --> 00:45:11,000
it's a much more complicated market because the other driver

599
00:45:11,159 --> 00:45:16,199
of the Japanese business is that about sixty percent of

600
00:45:16,239 --> 00:45:19,239
that consumption is super frozen tuna. And what do I

601
00:45:19,320 --> 00:45:24,159
mean by that? So they they catch they catch the tuna,

602
00:45:24,440 --> 00:45:30,360
immediately freeze them whole at minus eighty and then they

603
00:45:30,440 --> 00:45:37,000
stay at minus eighty celsius minus eighty celsius until they're

604
00:45:37,159 --> 00:45:44,079
until they're sold. That that super frozen business doesn't exist

605
00:45:44,079 --> 00:45:46,840
anywhere else in the world because you need the infrastructure

606
00:45:47,320 --> 00:45:51,079
in placement in order to allow that supply chain to exist.

607
00:45:51,719 --> 00:45:57,280
So in Japan there's super frozen storage from a on

608
00:45:57,320 --> 00:46:00,519
a mass storage level, and then they're super frozen trucks

609
00:46:00,519 --> 00:46:03,639
that transport it, and then there's super frozen freezers in

610
00:46:04,760 --> 00:46:10,480
in seafood distribution outlets. That that infrastructure doesn't doesn't exist

611
00:46:10,519 --> 00:46:14,079
anywhere else in the world. So the so the the

612
00:46:14,320 --> 00:46:17,000
seventy five hundred metric tons that I told you about

613
00:46:17,039 --> 00:46:22,000
in the US that is one hundred percent so fresh.

614
00:46:22,679 --> 00:46:25,239
So there is no froze. There is no frozen bluefin

615
00:46:25,360 --> 00:46:27,719
tuna business. Not to say that there won't be at

616
00:46:27,719 --> 00:46:30,840
some stage, but right now the business is one hundred

617
00:46:30,840 --> 00:46:35,000
percent fresh, where as Japan is ten times as big.

618
00:46:35,480 --> 00:46:38,440
And there's also a large portion of that which is

619
00:46:38,719 --> 00:46:41,320
which is the super frozen side of the business. And

620
00:46:41,360 --> 00:46:45,320
of course they have the auction in Japan and in

621
00:46:45,320 --> 00:46:49,000
in in Tokyo. And again it's a it's a it's

622
00:46:49,079 --> 00:46:51,280
it's a way more mature business than it is in

623
00:46:51,320 --> 00:46:54,239
the US or in Europe for that matter.

624
00:46:55,880 --> 00:47:01,599
Speaker 1: I mean sometimes here to fish or or put it

625
00:47:01,679 --> 00:47:04,800
the other way, from the catcher's point of view, they

626
00:47:04,840 --> 00:47:08,599
would sell a fish to Japan and the word mid

627
00:47:08,719 --> 00:47:10,119
per life.

628
00:47:10,960 --> 00:47:13,639
Speaker 2: Yeah there there. I think some of that is a

629
00:47:13,679 --> 00:47:19,280
little exaggerated. But but but no, you're you're it is

630
00:47:19,360 --> 00:47:24,280
true that there the market, uh the Toyosa market, which

631
00:47:24,320 --> 00:47:28,039
is where the where the auction is which takes place.

632
00:47:28,480 --> 00:47:33,360
I think it's five days a week. So you know,

633
00:47:33,800 --> 00:47:36,840
a lot of the wild caught bluefin around the world

634
00:47:37,039 --> 00:47:38,559
is sold through that market.

635
00:47:39,239 --> 00:47:39,599
Speaker 1: UH.

636
00:47:39,679 --> 00:47:44,880
Speaker 2: And so prize catches of blue fin with the right

637
00:47:45,519 --> 00:47:51,280
UH fat content can fetch you know, you know, you

638
00:47:51,280 --> 00:47:53,639
could get in some cases you can get you know,

639
00:47:53,800 --> 00:47:59,960
forty fifty dollars for a fish. But but but in general,

640
00:48:00,079 --> 00:48:08,440
the market is is supplied by a mix of UH farms.

641
00:48:08,599 --> 00:48:11,199
So there's a number, there's thousands of blue fin tuna

642
00:48:11,280 --> 00:48:15,039
farms in Japan and and wildcot.

643
00:48:15,760 --> 00:48:21,519
Speaker 1: Yeah yeah, yeah, understeps becoming more open minded about responsibly

644
00:48:21,599 --> 00:48:23,719
farm seafood.

645
00:48:24,840 --> 00:48:25,199
Speaker 4: Japan.

646
00:48:25,639 --> 00:48:31,880
Speaker 2: You talking about Japan no, so these chefs, oh chefs, No, absolutely, Well,

647
00:48:31,960 --> 00:48:34,559
they're not only more open minded, but I think they're

648
00:48:34,599 --> 00:48:38,920
demanding it because they want to be able to put

649
00:48:38,960 --> 00:48:42,239
on their menus that they're seafood, that the seafood that

650
00:48:42,239 --> 00:48:46,880
they're serving consumers is responsibly sourced. So yeah, no, it's

651
00:48:47,119 --> 00:48:50,800
it's not just open minded. Again, they're demanding. If you

652
00:48:51,119 --> 00:48:54,039
there's a certification in the in the US, it's called

653
00:48:54,079 --> 00:48:56,400
Monterey Bay Aquarium. I don't know if you've ever heard

654
00:48:56,400 --> 00:49:00,760
of that, but it's it's a it's an NGO certification.

655
00:49:01,480 --> 00:49:06,679
Many chefs in the US use that as a as

656
00:49:06,719 --> 00:49:10,320
a sort of barometer as to what fish that they're

657
00:49:10,360 --> 00:49:13,280
going to buy, but they look at things like MSc

658
00:49:13,320 --> 00:49:16,679
and ASC and BAP and all of those certifications. Those

659
00:49:17,079 --> 00:49:19,760
those are definitely more meaningful to the chef community than

660
00:49:19,800 --> 00:49:21,039
they ever have been before.

661
00:49:21,719 --> 00:49:27,599
Speaker 1: Yeah. Yeah, I know you're not dealing direct with consumer retail,

662
00:49:27,679 --> 00:49:34,079
But have consumers become more educated about the quality or

663
00:49:34,239 --> 00:49:37,840
they're still very much sort of driven by price.

664
00:49:40,119 --> 00:49:44,440
Speaker 2: I think that I think there's there's a shift that's

665
00:49:44,480 --> 00:49:48,760
taking place, and that shift is driven by younger consumers.

666
00:49:49,159 --> 00:49:53,360
So as they enter into you know, buying their own

667
00:49:53,400 --> 00:50:01,079
food going to restaurants, they demand more sustainable products because

668
00:50:01,079 --> 00:50:03,679
that's how they that's how they grew up. And obviously

669
00:50:03,760 --> 00:50:07,880
the whereas you know, ten fifteen years ago, you really

670
00:50:07,920 --> 00:50:12,719
just sort of relied on what either a retailer or

671
00:50:12,719 --> 00:50:15,599
a restaurant told you. Well, you and I both know

672
00:50:15,639 --> 00:50:18,039
how quick it is just to check on your phone

673
00:50:18,360 --> 00:50:21,000
and get a reference as to hey, what am I

674
00:50:21,079 --> 00:50:24,519
eating here, where is it from? Is it truly sustainably sourced?

675
00:50:24,960 --> 00:50:29,760
So the demands of the newer consumer, I think are

676
00:50:29,800 --> 00:50:34,599
going to put more pressure on the seafood industry to

677
00:50:34,679 --> 00:50:39,679
continue to ensure that the products that they're bringing to

678
00:50:39,800 --> 00:50:44,519
market are sustainable, more responsible, and otherwise people are going

679
00:50:44,599 --> 00:50:48,239
to walk away from the category. And you know, in

680
00:50:48,280 --> 00:50:50,559
the seafood world, we've all been talking about the same

681
00:50:50,639 --> 00:50:53,360
things for a long time, which is how do you

682
00:50:53,400 --> 00:50:59,079
grow seafood? It's a healthy protein, and quite frankly, there

683
00:50:59,079 --> 00:51:01,559
hasn't been any growth than seafood for a long time.

684
00:51:02,039 --> 00:51:06,039
I think one of the ways that seafood can grow

685
00:51:06,119 --> 00:51:11,800
in the future is really owning that sustainability piece to

686
00:51:11,880 --> 00:51:16,960
the to the end consumer and demonstrating to them no,

687
00:51:16,960 --> 00:51:20,639
no different than what poultry has done or no different

688
00:51:20,679 --> 00:51:23,079
than what the beef industry has done.

689
00:51:23,360 --> 00:51:23,840
Speaker 1: Uh.

690
00:51:23,920 --> 00:51:29,119
Speaker 2: To continue to attract consumers to that space, seafood really

691
00:51:29,320 --> 00:51:31,280
needs to kind of get their act together when it

692
00:51:31,320 --> 00:51:31,800
comes to that.

693
00:51:32,280 --> 00:51:34,519
Speaker 1: I know you've already said that you don't like be

694
00:51:34,679 --> 00:51:38,840
negative about others, and I don't either, but I have

695
00:51:38,960 --> 00:51:43,880
to say, my heart of hearts, when I you know,

696
00:51:44,960 --> 00:51:48,039
lovely seafood that you're talking about and all the work

697
00:51:48,119 --> 00:51:52,159
you're doing on it and putting end to it, why

698
00:51:52,599 --> 00:51:58,760
I check it? Would want to have a check it

699
00:51:58,079 --> 00:52:00,920
before some of your lovely sepood.

700
00:52:01,440 --> 00:52:05,599
Speaker 2: Yeah. Well, again that's you know, the responsibility lies with

701
00:52:05,679 --> 00:52:09,599
the industry when it comes to that. And so that's

702
00:52:09,719 --> 00:52:13,159
obvious to me or you, but it's not obvious to

703
00:52:14,119 --> 00:52:18,039
everyday consumers. You see that in seafood sales, which have

704
00:52:18,079 --> 00:52:19,519
been stagnant for a long time.

705
00:52:20,360 --> 00:52:20,480
Speaker 1: UH.

706
00:52:20,840 --> 00:52:26,400
Speaker 2: And so you know, it's about creating the right story

707
00:52:26,559 --> 00:52:32,559
for future consumers so that they do gravitate more towards

708
00:52:32,559 --> 00:52:35,079
seafood because, as you said, it does have such a

709
00:52:35,119 --> 00:52:41,280
great foundational story. It is a healthy protein. There's so

710
00:52:41,360 --> 00:52:44,000
many seafoods that provide you know, whether it be Omega

711
00:52:44,039 --> 00:52:47,599
three or the protein side of it in itself, which

712
00:52:47,639 --> 00:52:51,599
is obviously a which is obviously a huge trend with consumers.

713
00:52:51,639 --> 00:52:55,559
So we're well positioned from from an industry perspective, we're

714
00:52:55,599 --> 00:52:56,920
just not taking advantage of it.

715
00:52:58,239 --> 00:53:01,760
Speaker 1: Yeah, indeed, I was gonna is there any trends that

716
00:53:01,840 --> 00:53:05,440
you're seeing emerging globally right now? But I think you've

717
00:53:05,480 --> 00:53:09,880
already mentioned that. The fact that the American market is

718
00:53:09,920 --> 00:53:13,800
growing so much compared to the Japanese market.

719
00:53:13,880 --> 00:53:17,440
Speaker 2: Now, yeah, well, I mean that's specific to Bluefin and

720
00:53:17,559 --> 00:53:21,719
so we So I'm I'm thankfully in the Bluefin tuna

721
00:53:21,800 --> 00:53:26,039
business these days. But you know, it's it's can't You

722
00:53:26,079 --> 00:53:29,480
can't really rest on your laurels or on your heels

723
00:53:29,519 --> 00:53:32,440
when it comes to that those growth rates will level

724
00:53:32,480 --> 00:53:35,280
off at some stage. So what do you do today,

725
00:53:35,519 --> 00:53:38,800
whether it be from an innovation perspective, how do we

726
00:53:38,880 --> 00:53:45,719
bring Bluefin into the retail environment or into different restaurant sectors.

727
00:53:45,800 --> 00:53:48,119
So that's a lot of the work that I'm doing

728
00:53:48,199 --> 00:53:51,119
today to try to prepare their business for the future

729
00:53:51,239 --> 00:53:53,880
so that we do continue to grow the consumer base

730
00:53:53,960 --> 00:53:57,159
for Bluefin. You know, again, we're we have the luxury

731
00:53:57,159 --> 00:54:02,199
of being in a business that's growing today, but you

732
00:54:02,239 --> 00:54:04,280
can always assume that those growth rates are going to

733
00:54:04,360 --> 00:54:06,280
go on forever. So you got to you really got

734
00:54:06,280 --> 00:54:10,679
to carve out more innovative options for the consumer going forward.

735
00:54:11,519 --> 00:54:18,239
Speaker 1: Yeah. You mentioned earlier about younger consumers change in seafood

736
00:54:18,320 --> 00:54:25,039
market with their sustainability expectations very very much the case,

737
00:54:25,159 --> 00:54:25,480
is it?

738
00:54:26,239 --> 00:54:28,920
Speaker 2: Yeah, I think it's the case overall. It doesn't really

739
00:54:29,079 --> 00:54:33,880
impact per se my business today, but again, as we

740
00:54:33,960 --> 00:54:37,559
try to expand the customer and consumer base for this business,

741
00:54:37,760 --> 00:54:40,559
the sustainability side of it is going to be important

742
00:54:40,880 --> 00:54:44,320
as we build out that story and build out those products.

743
00:54:45,480 --> 00:54:45,800
Speaker 1: Yeah.

744
00:54:46,599 --> 00:54:48,119
Speaker 2: Yeah.

745
00:54:48,719 --> 00:54:53,719
Speaker 1: How important is traceability becoming in the premier seafood market.

746
00:54:54,119 --> 00:54:59,880
Speaker 2: No, it's it's extremely important. I speak, you know, look customer.

747
00:55:00,119 --> 00:55:03,760
When I say customers, I mean seafood distributors are national chains.

748
00:55:03,800 --> 00:55:08,079
They demand traceability when it comes to products that you're

749
00:55:09,400 --> 00:55:12,920
that you're selling to them. So it's not it's not

750
00:55:13,000 --> 00:55:16,760
a trend, it's it's it's not a nice to have,

751
00:55:16,960 --> 00:55:19,880
it's a must have really as as you move forward.

752
00:55:20,000 --> 00:55:23,039
So if you want sophisticated customers that are going to

753
00:55:23,079 --> 00:55:32,920
pay premium for your product, trace ability is a must have, Yeah, absolutely.

754
00:55:33,079 --> 00:55:38,760
Speaker 1: And as well as that with with your site and

755
00:55:38,800 --> 00:55:42,320
your runch in, does seasonality play apart.

756
00:55:43,079 --> 00:55:46,960
Speaker 2: No, not really. I mean there is some seasonality with

757
00:55:47,119 --> 00:55:53,239
it on the consumer side, but for bluefin tuna, there's

758
00:55:53,920 --> 00:55:57,840
there's It would just fall under the regular seasonality of

759
00:55:58,880 --> 00:56:06,079
when win restaurants you know, sell sell more so holidays

760
00:56:06,119 --> 00:56:10,480
that sort of thing. But from a from a farming

761
00:56:10,559 --> 00:56:13,960
and perspective, there is there is no seasonality. And that's

762
00:56:14,000 --> 00:56:16,039
one of the benefits of where our farm is is

763
00:56:16,079 --> 00:56:21,320
that we have very moderate changes in our water temperature

764
00:56:21,719 --> 00:56:25,800
and so therefore it allows us to really deranch and

765
00:56:25,920 --> 00:56:30,280
harvest fish three hundred and sixty five days a year.

766
00:56:30,400 --> 00:56:34,440
And on top of that, we have I think in

767
00:56:34,519 --> 00:56:36,639
the last two years we might have had one day

768
00:56:36,719 --> 00:56:39,599
where we weren't able to harvest because of weather, So

769
00:56:39,639 --> 00:56:44,679
that which is pretty incredible. Whether it's wild fishery or

770
00:56:44,679 --> 00:56:51,719
whether it's even aquaculture businesses, you know, harvesting schedules can

771
00:56:51,760 --> 00:56:55,320
be changed pretty significantly by weather events. But we're just

772
00:56:55,400 --> 00:56:58,480
in the in in such a great place when it

773
00:56:58,519 --> 00:57:00,559
comes to not only the farming side of it, but

774
00:57:00,679 --> 00:57:03,239
the weather as well, so we don't have any season

775
00:57:03,400 --> 00:57:08,760
seasonality in our business, but obviously seasonality or or weather

776
00:57:08,840 --> 00:57:13,239
patterns are significant when it comes to other seafood producers.

777
00:57:13,639 --> 00:57:15,800
Speaker 1: Would you now have a spawning cycle?

778
00:57:16,239 --> 00:57:20,239
Speaker 2: They would, but where we catch them and the size

779
00:57:20,280 --> 00:57:23,639
that we catch them at, we we don't have. We

780
00:57:23,639 --> 00:57:25,920
don't have to, We don't have to deal with spawning cycle.

781
00:57:26,039 --> 00:57:26,199
Speaker 1: Yeah.

782
00:57:26,239 --> 00:57:31,239
Speaker 2: Yeah, yeah, Our tuna don't spawn when they're when they're

783
00:57:32,519 --> 00:57:36,719
in at our firms. So it's not it's not it's

784
00:57:36,760 --> 00:57:38,519
not part. It's not an issue that we have to

785
00:57:38,559 --> 00:57:38,960
deal with.

786
00:57:39,719 --> 00:57:45,960
Speaker 1: Yeah. Could technology eventually allow consumers to know the exact

787
00:57:46,119 --> 00:57:51,960
origin and an environmental foodprint of the first that buy.

788
00:57:52,239 --> 00:57:54,039
I think you've maybe answered that, but.

789
00:57:54,079 --> 00:58:01,639
Speaker 3: You yeah, I mean, look, you know, well for us today,

790
00:58:01,840 --> 00:58:05,280
it's it is happening because now I'm not speaking to

791
00:58:05,320 --> 00:58:06,280
the end consumer.

792
00:58:06,320 --> 00:58:10,719
Speaker 2: I'm speaking to our main customers, which are seafood distributors

793
00:58:11,719 --> 00:58:14,039
who buy our fish and then value at it and

794
00:58:15,000 --> 00:58:18,840
deliver it. But if we if we were to ever,

795
00:58:18,920 --> 00:58:22,960
as an example, enter retail, we could use our traceability

796
00:58:23,880 --> 00:58:30,719
system to allow for basically blockchain technology, that consumer could

797
00:58:30,760 --> 00:58:33,000
just go on and scan the QR code of the

798
00:58:33,000 --> 00:58:35,000
package that they buy and they'll be able to see

799
00:58:35,000 --> 00:58:37,320
the whole story about the fish that they're about to buy,

800
00:58:37,360 --> 00:58:40,840
so that that that technology exists today, and I think

801
00:58:41,000 --> 00:58:45,039
it's going to be important for seafood players to adopt

802
00:58:45,119 --> 00:58:49,800
that as part of their selling strategy because I do

803
00:58:49,960 --> 00:58:53,000
think that the future consumer is going to demand that.

804
00:58:53,760 --> 00:58:58,760
Speaker 1: Yeah, yeah, yeah, which of the of I'll give you

805
00:58:58,800 --> 00:59:06,760
a list which innovation excites you most. Offloor farming, EI monitoring,

806
00:59:07,440 --> 00:59:12,159
alternative FIBs, genetics, and low impact systems.

807
00:59:12,480 --> 00:59:17,000
Speaker 2: I think offshore farming is the way of the future,

808
00:59:17,920 --> 00:59:21,400
I think to me, I mean, all of the other

809
00:59:21,440 --> 00:59:26,719
things that you mentioned are obviously important, but the breakthrough

810
00:59:26,840 --> 00:59:31,559
for aquaculture in general is going to be the formulas

811
00:59:31,679 --> 00:59:36,360
where you can successfully And when I say successfully, I

812
00:59:36,440 --> 00:59:42,239
mean from a financial perspective. I think many of the

813
00:59:42,280 --> 00:59:47,199
species that are in agriculture today are proven viable from

814
00:59:47,239 --> 00:59:50,599
a farming perspective when it comes to offshore farming, but

815
00:59:50,639 --> 00:59:55,480
they're not viable from a financial perspective. The costs associated

816
00:59:55,519 --> 00:59:58,719
with offshore farming are so significant that people can't make

817
00:59:58,760 --> 01:00:02,079
any money doing it. Obviously, there's a tremendous amount of

818
01:00:02,480 --> 01:00:08,960
capital being deployed against innovations that will allow for offshore farming. So,

819
01:00:09,880 --> 01:00:12,840
like I said earlier, we're already doing that. We have

820
01:00:12,880 --> 01:00:15,719
a species that allows for that and allows for it

821
01:00:15,760 --> 01:00:18,159
to be done in a way where you can make

822
01:00:18,239 --> 01:00:22,360
money when you look at other species. It's not there yet,

823
01:00:22,559 --> 01:00:28,159
but obviously farms are going to have to leave near

824
01:00:28,280 --> 01:00:32,480
shore and go offshore if they want to survive long terms.

825
01:00:32,519 --> 01:00:35,000
So that to me, I think is the place where

826
01:00:35,039 --> 01:00:37,559
I think there can be the most growth in the

827
01:00:37,679 --> 01:00:40,840
in the business overall. I think on the AI side,

828
01:00:41,000 --> 01:00:43,760
you know, we're using AI today in a lot of

829
01:00:43,800 --> 01:00:48,199
our in a lot of our farming practices, so you know,

830
01:00:48,440 --> 01:00:50,320
just from the sorting of the fish when it comes

831
01:00:50,320 --> 01:00:54,280
to the firm, to monitoring the fish health and fish

832
01:00:54,320 --> 01:00:57,599
size when it's at the firm. But obviously you know

833
01:00:58,079 --> 01:01:01,800
AI is going to be explosive as relates to farming

834
01:01:01,960 --> 01:01:03,400
practices going forward.

835
01:01:03,880 --> 01:01:09,519
Speaker 1: Yeah, it's really fantastic because maybe at an advantage in

836
01:01:09,639 --> 01:01:12,920
a way from I can fully get what you say, Andrew,

837
01:01:13,000 --> 01:01:18,000
because my age, I can remember the early days of

838
01:01:18,199 --> 01:01:24,400
the of fitch farming starting in Scotland and we have

839
01:01:25,159 --> 01:01:28,119
possibly been in some of them sea lock we call

840
01:01:28,199 --> 01:01:33,400
them sea locks, which in Scandinavia countries they would call

841
01:01:33,480 --> 01:01:34,280
them fiords.

842
01:01:34,880 --> 01:01:35,000
Speaker 2: Yea.

843
01:01:35,159 --> 01:01:39,559
Speaker 1: You know they have their sea seawater there and there's

844
01:01:39,599 --> 01:01:43,960
a good water displacement, there's good depth, and they would

845
01:01:44,039 --> 01:01:48,880
have the cages right down at the in this in

846
01:01:49,000 --> 01:01:53,519
the sea locks because they had sheltered and like you say,

847
01:01:53,639 --> 01:01:57,599
now you'll hardly ever see that in Scotland now they're

848
01:01:57,639 --> 01:02:03,079
all offshore, yeah, or maybe offshore to the extent that

849
01:02:03,199 --> 01:02:06,480
you are, but they're certainly out the.

850
01:02:06,440 --> 01:02:10,519
Speaker 2: Laws, oh absolutely. And you know you look at Norway,

851
01:02:11,079 --> 01:02:16,199
which is the largest producer of salmon around the world,

852
01:02:17,480 --> 01:02:20,519
or Chile for that matter, which is the second largest,

853
01:02:21,039 --> 01:02:26,360
and you know there's the government is really pressuring companies

854
01:02:26,360 --> 01:02:31,639
there to advanced technology to get firms away from the

855
01:02:31,719 --> 01:02:35,519
shore and out to sea. And so you know, again

856
01:02:36,000 --> 01:02:39,119
that's the reason why all that capital is being deployed

857
01:02:39,320 --> 01:02:42,840
in innovation to try to drive that. Again, if I

858
01:02:42,880 --> 01:02:45,800
go back to our own business, yes we're off shore.

859
01:02:45,920 --> 01:02:49,760
Yes we have a fabulous farm, but you know our

860
01:02:50,119 --> 01:02:54,400
operations team and our farm team are always looking for

861
01:02:54,519 --> 01:03:00,440
ways to either use technology or new innovation and to

862
01:03:00,480 --> 01:03:04,960
improve our firm. So you know, it's perpetual innovation to

863
01:03:05,039 --> 01:03:07,840
try to drive efficiencies and to try to try to

864
01:03:07,840 --> 01:03:10,639
get a better product at the firm. I think that

865
01:03:10,719 --> 01:03:13,519
we have the best bluefintuna product in the world, but

866
01:03:13,559 --> 01:03:15,559
I also know that I've got it that there's a

867
01:03:15,599 --> 01:03:18,599
team behind the business that is always trying to make

868
01:03:18,639 --> 01:03:20,840
it better. So that's that's the magic.

869
01:03:21,440 --> 01:03:28,800
Speaker 1: Can ocean farming scaled globally without compromising the ecosystem?

870
01:03:28,920 --> 01:03:31,519
Speaker 2: Well, I think that's where the offshore farming comes in,

871
01:03:31,920 --> 01:03:34,920
and I think you know that that needs to happen

872
01:03:35,199 --> 01:03:38,199
in order to be able to scale the business. I

873
01:03:38,480 --> 01:03:41,079
hate to keep going back to salmon farming, but it's

874
01:03:41,239 --> 01:03:44,480
it's the largest. Well, that and shrimp are the two

875
01:03:44,519 --> 01:03:51,320
largest agriculture businesses. But as salmon continues to grow, there

876
01:03:51,320 --> 01:03:55,960
are no more sites traditional sites available, they just don't

877
01:03:55,960 --> 01:04:00,360
exist anymore. So if they want to grow, to have

878
01:04:00,480 --> 01:04:06,159
to create sites offshore. In our business in bluefin as

879
01:04:06,199 --> 01:04:10,079
we continue to grow, even in our own business, we

880
01:04:10,400 --> 01:04:13,360
are you know, we look out five ten years from now,

881
01:04:13,719 --> 01:04:16,360
and we know that we've got to start now working

882
01:04:16,400 --> 01:04:22,159
with governments, start now, working with stakeholders to ensure that

883
01:04:22,599 --> 01:04:26,920
we have future sites available that we can continue to

884
01:04:26,920 --> 01:04:29,679
grow our business on. So you know, our site today

885
01:04:29,840 --> 01:04:32,840
is not at capacity, but it will be at some stage.

886
01:04:32,920 --> 01:04:35,719
So you have to work with the stakeholders to get

887
01:04:35,800 --> 01:04:39,320
new concessions. But that work's got to be done now

888
01:04:39,360 --> 01:04:40,960
for five ten years from now.

889
01:04:42,760 --> 01:04:49,559
Speaker 1: Yeah. Yeah. Our regulations keeping peace with the speed of innovations.

890
01:04:50,239 --> 01:04:52,760
Speaker 2: Well, I think it's to be honest with you, I

891
01:04:52,800 --> 01:04:57,480
think that regulations is what's driving innovation. Really, the regulatory

892
01:04:57,639 --> 01:05:03,000
environment around agriculture is forcing more innovation in terms of

893
01:05:03,039 --> 01:05:05,760
farming practices. And I I just keep going back to

894
01:05:05,800 --> 01:05:11,000
the offshore piece. But the reason that the offshore farming

895
01:05:11,679 --> 01:05:15,519
is the future is because the availability to do it

896
01:05:15,639 --> 01:05:19,880
near shores just won't be there. And that's that's riven

897
01:05:19,920 --> 01:05:23,280
by regulatory So the governments around the world are saying, hey,

898
01:05:23,760 --> 01:05:26,159
if you want to continue to farm, or if you

899
01:05:26,199 --> 01:05:30,079
want to continue to grow, we're not going to create

900
01:05:30,480 --> 01:05:33,760
new sites near shore. You're going to have to create

901
01:05:33,800 --> 01:05:37,639
technologies that allows you to do it offshore. Now, in

902
01:05:37,719 --> 01:05:41,119
many cases, part of the industry's response is to try

903
01:05:41,159 --> 01:05:46,719
to do land based so using land based technology to

904
01:05:46,880 --> 01:05:50,639
emulate what you can do in the ocean. The problem

905
01:05:50,639 --> 01:05:53,679
with that is that hasn't proven to be an economically

906
01:05:53,960 --> 01:05:58,199
viable model today some of the largest land based aquaculture

907
01:05:58,280 --> 01:06:01,639
businesses around the world to have been failures. And so

908
01:06:02,119 --> 01:06:06,559
the technology is in the capital is being driven towards

909
01:06:06,599 --> 01:06:10,400
trying to find a land based model that works. But

910
01:06:11,039 --> 01:06:14,599
in the event that that doesn't work, then obviously you

911
01:06:14,679 --> 01:06:16,960
have to you have to continue to do it in

912
01:06:17,000 --> 01:06:18,960
the ocean. And to do that, you have to you

913
01:06:19,039 --> 01:06:22,599
have to have innovation and technologies that allows you to

914
01:06:22,599 --> 01:06:23,320
do it offshore.

915
01:06:25,559 --> 01:06:28,880
Speaker 1: Do you ever have to work at avoiding and just

916
01:06:29,079 --> 01:06:33,320
for the lake industrial efficiencies coming at the expense of

917
01:06:33,360 --> 01:06:34,639
the equality.

918
01:06:34,440 --> 01:06:41,280
Speaker 2: In our business, quality is paramount. And so again, I

919
01:06:41,320 --> 01:06:43,760
know I've said this a couple of times already to you,

920
01:06:44,280 --> 01:06:48,599
but we feed our fish one hundred percent fresh sardines,

921
01:06:49,480 --> 01:06:52,920
and that's that's the foundation of our business. It would

922
01:06:52,960 --> 01:06:55,400
be easy to walk away from that at certain times

923
01:06:55,400 --> 01:06:57,679
of the year, it would be easy to look at

924
01:06:57,719 --> 01:07:03,800
alternative feeds, but again, the foundation of the quality of

925
01:07:03,840 --> 01:07:08,800
the fish that we have starts with that feed. And so, yeah,

926
01:07:08,920 --> 01:07:10,920
are there cheaper ways that we could feed our fish

927
01:07:11,039 --> 01:07:14,679
and drive a higher margin. Yes. Is it more difficult

928
01:07:14,719 --> 01:07:18,280
at certain times of the year to catch fresh feed

929
01:07:18,360 --> 01:07:23,159
and feed our fish, yes, But again, longer term, the

930
01:07:23,199 --> 01:07:26,280
health of the brand, the health of the business, and

931
01:07:26,320 --> 01:07:30,199
the quality of the fish that we produce three hundred

932
01:07:30,199 --> 01:07:33,519
and sixty five days a year is all based on

933
01:07:34,639 --> 01:07:37,440
our quality and so we never walk away from that.

934
01:07:38,320 --> 01:07:39,519
It never gets difficult.

935
01:07:40,320 --> 01:07:45,599
Speaker 1: Yeah, no, I respect that because you're what you're actually

936
01:07:45,639 --> 01:07:50,239
saying there. I feel, Andrew is you've been a standard

937
01:07:50,800 --> 01:07:52,960
and you won't compromise.

938
01:07:53,599 --> 01:07:57,719
Speaker 2: Absolutely no, And like I said, I don't speak poorly

939
01:07:57,800 --> 01:08:01,559
of others, but that's not the standard that other people have,

940
01:08:01,880 --> 01:08:05,519
even within the bluefin business. So but you know, again,

941
01:08:06,000 --> 01:08:08,760
I can charge higher prices for my fish than my

942
01:08:08,880 --> 01:08:11,400
competitors and the reason for that is they know that

943
01:08:11,400 --> 01:08:12,920
they're going to get the highest quality.

944
01:08:13,480 --> 01:08:19,760
Speaker 1: Yeah. Yeah, someone who worked in secret hospitality myself, I

945
01:08:19,880 --> 01:08:26,399
understand the importance of consistency. Is consistency one of the

946
01:08:26,439 --> 01:08:32,720
biggest advantages You're modern farming offers shift.

947
01:08:33,159 --> 01:08:36,039
Speaker 2: Oh absolutely, I mean that that's it, right, I mean

948
01:08:36,079 --> 01:08:40,920
the consistency is tied to the quality, but consistency not

949
01:08:40,960 --> 01:08:45,560
only in the quality of the fish, but consistency in

950
01:08:46,319 --> 01:08:52,880
availability of the fish. They know that on Monday morning

951
01:08:53,359 --> 01:08:56,720
they can order our fish and it's going to be

952
01:08:56,720 --> 01:08:59,640
in their restaurant. On Wednesday, and they know that it

953
01:08:59,720 --> 01:09:05,520
was just tarvested, you know, within twenty four twenty four

954
01:09:05,520 --> 01:09:08,479
to forty eight hours of that. So uh and we

955
01:09:08,600 --> 01:09:10,279
and we do that, We do that a lot, like

956
01:09:11,520 --> 01:09:15,960
we are constantly bringing our customers out to our farm

957
01:09:16,039 --> 01:09:20,119
so they can experience it. And so we we spend

958
01:09:20,159 --> 01:09:23,640
a lot of time and effort making sure that our

959
01:09:23,720 --> 01:09:27,119
customer base gets to go out and see the firm

960
01:09:27,159 --> 01:09:32,359
and experience it and see our harvest process. Uh, and

961
01:09:32,359 --> 01:09:35,960
then bring them back to our processing facility eight hours

962
01:09:36,039 --> 01:09:38,119
later in the middle of the night and show them

963
01:09:38,439 --> 01:09:42,079
the care and quality that we take in in processing

964
01:09:42,199 --> 01:09:45,600
that fish and boxing it up for them. So that's

965
01:09:45,600 --> 01:09:50,520
an experience that they'll always remember and uh. And that

966
01:09:50,800 --> 01:09:53,439
you know, of course pays dividends in terms of keeping

967
01:09:53,439 --> 01:09:55,079
customers longer term.

968
01:09:55,920 --> 01:10:01,880
Speaker 1: Yeah. And do you feel how much fluence shefs actually

969
01:10:01,920 --> 01:10:06,399
have and shaping sustainable seafood choices?

970
01:10:07,680 --> 01:10:10,159
Speaker 2: Yeah, well, I mean, ultimately they're determining what goes on

971
01:10:10,199 --> 01:10:16,840
their menu, and so again a sustainability becomes more important

972
01:10:18,560 --> 01:10:21,600
not only do chefs but to the to their patrons

973
01:10:21,640 --> 01:10:26,359
or their customers. Then they're the ultimate decision makers in

974
01:10:26,359 --> 01:10:30,920
in a lot of ways and so yeah, absolutely, I

975
01:10:30,960 --> 01:10:33,960
mean they want to understand where that fish is coming

976
01:10:34,000 --> 01:10:36,279
from and and how is how has it been firmed

977
01:10:36,359 --> 01:10:39,560
or how has it been caught, and so it plays

978
01:10:39,560 --> 01:10:40,159
a big role.

979
01:10:40,560 --> 01:10:46,199
Speaker 1: That's interesting. Yeah, do you think restaurants explain seafood provenance

980
01:10:46,680 --> 01:10:48,279
well enough to their customers?

981
01:10:50,600 --> 01:10:54,600
Speaker 2: Short answer, No, Again, I think that's a that's a

982
01:10:54,800 --> 01:11:00,560
that that's that's another another something else that the industry

983
01:11:00,920 --> 01:11:05,560
has to take on. And so I think provedance, I

984
01:11:05,560 --> 01:11:11,399
think sustainability. I think, you know, even even down to

985
01:11:12,159 --> 01:11:16,159
is this a fresh codfish or is it a frozen fish?

986
01:11:16,520 --> 01:11:20,039
Those are not really well I think. I think a

987
01:11:20,039 --> 01:11:22,960
lot of the traceability rules that are being put in place,

988
01:11:24,119 --> 01:11:25,920
and I think a lot of the work in particular

989
01:11:26,000 --> 01:11:28,960
in the US that the NFI, which is the National

990
01:11:28,960 --> 01:11:32,000
Fisheries Institute is doing as it relates to trace ability

991
01:11:32,560 --> 01:11:37,319
has really pushed that issue quite significantly. But I still

992
01:11:37,319 --> 01:11:39,359
think there's a lot of work to do with like

993
01:11:39,520 --> 01:11:44,800
collaboration between the industry being the seafood industry and restaurants

994
01:11:44,800 --> 01:11:49,439
and restaurant chains to properly market seafood. I think there's

995
01:11:49,439 --> 01:11:50,840
a lot of work to be done there.

996
01:11:51,560 --> 01:11:57,520
Speaker 1: Yeah. Yeah, Well, I would normally ask this question of

997
01:11:57,600 --> 01:12:01,680
a species because multi speed she fishies like us, what

998
01:12:01,840 --> 01:12:06,840
species do you think are under rated from a calndary perspective?

999
01:12:07,279 --> 01:12:09,720
But I would also like if you could ask you

1000
01:12:09,840 --> 01:12:14,680
that and with the different parts of the body of

1001
01:12:14,720 --> 01:12:19,039
a tuna, are they very different? Oh?

1002
01:12:19,399 --> 01:12:25,199
Speaker 2: Well, for bluefin, yes, there's really three distinct there's really

1003
01:12:25,279 --> 01:12:29,119
three distinct products that you get from a blue fin tuna.

1004
01:12:29,720 --> 01:12:33,720
You get the a commie piece, which is the red

1005
01:12:33,800 --> 01:12:39,800
meat part of the fish, so that that's one part.

1006
01:12:39,880 --> 01:12:43,640
Then you get what's called the otro part of the fish,

1007
01:12:43,680 --> 01:12:47,720
which is kind of a blend between the the the

1008
01:12:47,760 --> 01:12:50,079
top loin and the bottom loin of the fish, so

1009
01:12:50,239 --> 01:12:53,720
it's kind of a more marbled piece of the fish.

1010
01:12:53,760 --> 01:12:56,680
So you get some fat content and some lean part

1011
01:12:56,720 --> 01:12:59,079
of the fish. And then you have what I talked

1012
01:12:59,079 --> 01:13:01,720
about Royer, which is most valuable and most sought after

1013
01:13:01,840 --> 01:13:04,840
part of our fish, which is the touro piece, which

1014
01:13:04,880 --> 01:13:07,720
is the belly loin of the fish or the the

1015
01:13:07,720 --> 01:13:12,159
the fatty part of the fish. And that's really, you know,

1016
01:13:12,520 --> 01:13:17,520
really sought after in particular by oma cossie chefs across

1017
01:13:17,560 --> 01:13:22,039
the world because you know, when they when they do it. Uh,

1018
01:13:22,079 --> 01:13:25,359
if you go to an Omacassie restaurant, you usually get

1019
01:13:25,880 --> 01:13:28,359
all three parts of a blue fin tuna as part

1020
01:13:28,399 --> 01:13:31,479
of a as part of a dish or serving, and

1021
01:13:31,520 --> 01:13:35,920
they eat completely differently, They taste differently, they have different texture. Uh.

1022
01:13:36,079 --> 01:13:39,359
So you really get three distinct products out of one

1023
01:13:39,399 --> 01:13:43,520
blue fin tuna. Okay, it's a really cool fish.

1024
01:13:44,439 --> 01:13:50,560
Speaker 1: Yeah, and there's a big thing. No, I don't know

1025
01:13:50,720 --> 01:13:54,159
of there's much of it over your way, but there's

1026
01:13:54,199 --> 01:14:00,000
been one Anceland. They call it the Ocean cluster. There

1027
01:14:00,359 --> 01:14:06,159
there's a Scottish one set up. Now it's about obviously

1028
01:14:06,239 --> 01:14:09,079
you trying, you know, I don't suppose you'd ever get there.

1029
01:14:09,199 --> 01:14:15,640
But one hundred percent of the fish. Yeah, it's what

1030
01:14:15,640 --> 01:14:22,199
what would say a chef buying a whole blue and tuna?

1031
01:14:22,319 --> 01:14:23,680
What can they yield? Do you get?

1032
01:14:24,119 --> 01:14:27,439
Speaker 2: Oh? They use almost it has almost one hundred percent yield?

1033
01:14:27,640 --> 01:14:28,600
Speaker 1: Wow? Probably?

1034
01:14:28,640 --> 01:14:32,119
Speaker 2: Yeah, yeah, well even the fish itself from as a

1035
01:14:32,479 --> 01:14:36,920
it's a very high yielding fish from a processing perspective,

1036
01:14:36,960 --> 01:14:40,039
because you got to think of the fish of when

1037
01:14:40,079 --> 01:14:44,319
it's harvested. It's really it's all it's all meat. I mean,

1038
01:14:44,359 --> 01:14:47,319
it's a there's not much. You know, there's not much

1039
01:14:47,359 --> 01:14:50,479
of a skeleton to the fish. It's really all meat.

1040
01:14:50,680 --> 01:14:54,560
And so we we sell our fish head on tail

1041
01:14:54,640 --> 01:14:58,840
on and it's just uh, you know, gild and gutta

1042
01:14:59,039 --> 01:15:02,159
or g fish, but we we leave the head on

1043
01:15:02,199 --> 01:15:06,960
the tail on. Chefs used the meat from the head.

1044
01:15:08,359 --> 01:15:13,279
They use meat throughout. So it's a very very high

1045
01:15:13,319 --> 01:15:14,439
yielding fish.

1046
01:15:15,399 --> 01:15:21,319
Speaker 1: That's really belaustic. Yeah, and is that the case, would

1047
01:15:21,319 --> 01:15:23,840
that be the same wild.

1048
01:15:23,960 --> 01:15:28,800
Speaker 2: Uh, it would still be a high yielding fish, not

1049
01:15:29,000 --> 01:15:34,319
as much we but but yeah, bluefin tuna in general

1050
01:15:34,399 --> 01:15:37,399
is a very high yielding fish and you can really

1051
01:15:37,479 --> 01:15:40,399
use all parts of it in different even you know,

1052
01:15:40,560 --> 01:15:43,439
even the spine. And we have a customer that we're

1053
01:15:43,439 --> 01:15:47,760
shipping to in the US today that only wants the

1054
01:15:47,760 --> 01:15:51,920
bluefin tuna eye. So they use the eyes as a dish,

1055
01:15:52,199 --> 01:15:54,960
and so we sell them that. We sell them the

1056
01:15:54,960 --> 01:15:58,199
whole head, but they they're they're really after the eye

1057
01:15:58,199 --> 01:16:01,159
itself as sort of the the product that they serve

1058
01:16:01,239 --> 01:16:01,840
on their menu.

1059
01:16:02,520 --> 01:16:05,560
Speaker 1: Sorry I didn't cut when you said the who who

1060
01:16:05,920 --> 01:16:11,760
is there any a particular type of customer looking for

1061
01:16:11,840 --> 01:16:12,439
the eye?

1062
01:16:12,760 --> 01:16:15,039
Speaker 2: Yeah? No, there is, Like I said, like it's it's

1063
01:16:15,079 --> 01:16:17,760
it's people that you know, like very think a very

1064
01:16:17,800 --> 01:16:21,880
high end Michelin Star restaurants, those type of restaurants, and

1065
01:16:21,920 --> 01:16:24,439
they use the eye as as as one of the

1066
01:16:24,840 --> 01:16:27,399
as one of the dishes because it's so sought after.

1067
01:16:28,560 --> 01:16:32,920
Speaker 1: That's funny you should say that because my father used

1068
01:16:32,920 --> 01:16:39,159
to tell us when they were young, and obviously cord

1069
01:16:39,359 --> 01:16:42,479
there would have cord and though there was a family

1070
01:16:42,920 --> 01:16:48,239
my father he had there were seven brothers and two sisters,

1071
01:16:48,319 --> 01:16:53,920
big families then, and they would be fighting over whose

1072
01:16:54,000 --> 01:16:56,960
turn it was to get the eye of the gold. Yeah.

1073
01:16:57,079 --> 01:17:03,199
Speaker 2: Absolutely, absolutely, Yeah, that's good.

1074
01:17:03,319 --> 01:17:07,840
Speaker 1: That's good. It's you feel the seafood sector is getting

1075
01:17:07,920 --> 01:17:13,880
better at balancing environmental responsibility with commercial reality.

1076
01:17:14,640 --> 01:17:15,880
Speaker 2: Oh that's a big question.

1077
01:17:16,399 --> 01:17:16,520
Speaker 1: Uh.

1078
01:17:17,479 --> 01:17:21,680
Speaker 2: I think there's been a tremendous work done when it

1079
01:17:21,720 --> 01:17:26,840
comes to that balance. But again that goes hand in

1080
01:17:26,920 --> 01:17:33,479
hand with what I said earlier, which is being able

1081
01:17:33,479 --> 01:17:36,279
to you know, being able to promote yourself as a

1082
01:17:36,319 --> 01:17:41,319
sustainable fishery or as a sustainable product also goes hand

1083
01:17:41,319 --> 01:17:45,000
in hand with the balancing that that environmental aspect. So

1084
01:17:45,199 --> 01:17:48,720
you know, we always like to say in our company

1085
01:17:48,760 --> 01:17:52,960
that you know, the first and foremost were stewards of

1086
01:17:53,000 --> 01:17:56,159
the ocean, and so we need to take care of

1087
01:17:56,479 --> 01:17:59,399
the ocean. We need to take care of where we

1088
01:18:00,159 --> 01:18:03,279
farm or fish. Uh And if you don't take care

1089
01:18:03,319 --> 01:18:05,640
of that, then you're you're not going to have a

1090
01:18:05,680 --> 01:18:09,039
good environment to raise fish longer term. And so I

1091
01:18:09,079 --> 01:18:13,279
think that the industry, in particular the aguaculture industry has

1092
01:18:13,399 --> 01:18:17,159
figured that out over time that you need to you

1093
01:18:17,239 --> 01:18:22,119
need to take care of, uh of where you're raising fish.

1094
01:18:23,439 --> 01:18:32,479
Speaker 1: Yeah, is how important is animal welfare becoming an aquaculture.

1095
01:18:33,119 --> 01:18:38,960
Speaker 2: That's extremely extremely important. I mean, yeah, it's it's one

1096
01:18:39,000 --> 01:18:41,000
of the you know, one of the main pillars of

1097
01:18:41,199 --> 01:18:46,000
our farming operation is is animal welfare from the from

1098
01:18:46,119 --> 01:18:48,479
the catching side of it all the way to the

1099
01:18:48,479 --> 01:18:50,720
farming side of it. And as I said to you earlier,

1100
01:18:50,760 --> 01:18:54,239
we just got a we just got the highest standard

1101
01:18:54,279 --> 01:18:56,199
that you can get around the world, which is called

1102
01:18:56,199 --> 01:19:01,640
an IKEJMI standard certification, and that's all about animal welfare.

1103
01:19:02,159 --> 01:19:04,239
And you know, we we had to have their team

1104
01:19:04,359 --> 01:19:07,439
out to our firm. They spent a couple of days there,

1105
01:19:07,520 --> 01:19:10,800
you know, sort of monitoring our activities, monitoring how we

1106
01:19:10,880 --> 01:19:13,600
treat the fish when it's there, how we treat it

1107
01:19:13,640 --> 01:19:19,000
when when we harvest them, and so absolutely, I mean

1108
01:19:19,079 --> 01:19:23,640
animal welfare and especially these days, I mean it only

1109
01:19:23,680 --> 01:19:27,279
takes one person with a camera to go out and

1110
01:19:27,279 --> 01:19:31,359
film what you're doing, and that can that can damage

1111
01:19:31,359 --> 01:19:37,000
your brand for years, and so yeah, I know, it's

1112
01:19:37,079 --> 01:19:38,560
it's it's extremely important.

1113
01:19:39,600 --> 01:19:43,600
Speaker 1: Yeah. Good back to the previous point. I was just

1114
01:19:43,640 --> 01:19:46,560
thinking when you said that, it's a term that's used

1115
01:19:46,600 --> 01:19:54,560
here a lot undreu an environmental well, going to the science,

1116
01:19:55,159 --> 01:19:59,880
there's a vast there's a vast difference between an environmental

1117
01:20:00,039 --> 01:20:03,079
scientists and officiality scientists. Oh.

1118
01:20:03,119 --> 01:20:09,159
Speaker 2: Absolutely, Yeah, big difference. Yeah, but you know, again, you

1119
01:20:09,199 --> 01:20:12,079
don't have to look for you can look at other

1120
01:20:12,159 --> 01:20:17,880
industries and other industries that have thrived by being seen

1121
01:20:17,920 --> 01:20:22,039
as sustainable, seen as being environmental stewards.

1122
01:20:22,760 --> 01:20:23,159
Speaker 3: Uh.

1123
01:20:23,199 --> 01:20:25,279
Speaker 2: And if you're not on the right side of that,

1124
01:20:25,920 --> 01:20:28,920
then you're you know, you're it's going to be very

1125
01:20:28,920 --> 01:20:33,800
difficult going forward to build a to build a profitable business.

1126
01:20:34,159 --> 01:20:41,760
Speaker 1: Yeah. Do you feel the seafood industry has a ors

1127
01:20:41,880 --> 01:20:45,119
helping feed a growing population?

1128
01:20:46,800 --> 01:20:50,520
Speaker 2: Oh? Absolutely, I mean, you know, it's one of the

1129
01:20:51,479 --> 01:20:54,439
best sources of protein that you can get, and so

1130
01:20:54,920 --> 01:20:57,359
it's going to play a really important role in a

1131
01:20:57,399 --> 01:21:01,760
growing population. How important is really up to the industry itself,

1132
01:21:02,520 --> 01:21:07,199
And like I said, it's the seafood sales in general

1133
01:21:07,840 --> 01:21:11,520
have been stagnant for many years, and I think the

1134
01:21:11,520 --> 01:21:14,520
industry really needs to ask itself why that is with

1135
01:21:14,640 --> 01:21:19,840
a growing population, with the sort of desperate need for

1136
01:21:19,960 --> 01:21:23,840
more protein around the world. So that's you know, part

1137
01:21:23,840 --> 01:21:25,800
of the response to that has obviously been the growth

1138
01:21:25,840 --> 01:21:31,159
in aquaculture. But I think again, all of the things

1139
01:21:31,159 --> 01:21:33,119
that we've been talking about for the last hour and

1140
01:21:33,119 --> 01:21:36,119
a half, when it comes to sustainability and when it

1141
01:21:36,159 --> 01:21:39,279
comes to perception of seafood, still think there's a lot

1142
01:21:39,319 --> 01:21:42,000
of work to be done to take a bigger share

1143
01:21:42,119 --> 01:21:43,680
of that pie going forward.

1144
01:21:44,399 --> 01:21:51,720
Speaker 1: Yeah, are you confident premium quality seafood still remains accessible unaffordable?

1145
01:21:52,880 --> 01:21:56,479
Speaker 2: Yes, I think in general it does. I think again,

1146
01:21:57,199 --> 01:22:00,680
if you look, I mean, look all all the cost

1147
01:22:00,720 --> 01:22:03,119
of food is going up everywhere, So I don't think

1148
01:22:03,159 --> 01:22:08,159
that that's any difference in seafood than it is anywhere else. So,

1149
01:22:08,680 --> 01:22:13,960
you know, food affordability is obviously an issue. I think

1150
01:22:14,000 --> 01:22:21,359
seafood remains a within the context of overall proteins, whether

1151
01:22:21,399 --> 01:22:24,439
it be chicken or bee for pork. It still remains

1152
01:22:24,479 --> 01:22:29,600
a very viable product from an affordability perspective.

1153
01:22:31,479 --> 01:22:36,479
Speaker 1: Okay, and for the future a seafood, how do you

1154
01:22:36,560 --> 01:22:40,479
see your production look in twenty years from there?

1155
01:22:42,119 --> 01:22:45,079
Speaker 2: Yeah, I mean, I think there's a tremendous amount of

1156
01:22:45,079 --> 01:22:51,439
growth for Bluefin, not only in places like Western Europe

1157
01:22:51,760 --> 01:22:55,039
and the United States, but you know, one of our

1158
01:22:55,119 --> 01:22:59,760
sales strategies is to grow in developing markets, so we've

1159
01:22:59,800 --> 01:23:05,600
said up customers in Brazil and Columbia, Chile, We're starting

1160
01:23:05,600 --> 01:23:09,239
to service almost all Latin American markets, and we see

1161
01:23:09,239 --> 01:23:13,000
that as a as a big growth platform going forward.

1162
01:23:13,720 --> 01:23:16,800
I also think innovation is going to come come into play.

1163
01:23:17,079 --> 01:23:20,119
And like I said earlier that almost all of the

1164
01:23:20,159 --> 01:23:23,640
blue Fen today in the in the US in particular

1165
01:23:23,960 --> 01:23:28,760
is fresh and it's mostly mostly high end Japanese style

1166
01:23:29,000 --> 01:23:35,079
almakasi restaurants. But I think there's a tremendous opportunity for

1167
01:23:35,560 --> 01:23:41,520
to grow out to other customer segments, consumer segments. So

1168
01:23:42,199 --> 01:23:45,680
you know, I'm very bullish on where Bluefin can go

1169
01:23:45,800 --> 01:23:51,840
as a species, and when you look at our production platform,

1170
01:23:52,079 --> 01:23:54,560
you know, I don't see any reason that we won't

1171
01:23:54,600 --> 01:23:57,920
be able to double our business in the next four

1172
01:23:57,920 --> 01:23:58,680
to five years.

1173
01:24:02,159 --> 01:24:06,600
Speaker 1: Okay, well do you see do you see in any

1174
01:24:06,640 --> 01:24:14,399
way traditional whale specialties on modern aquaculture could become more

1175
01:24:14,439 --> 01:24:17,640
connected or more competitive.

1176
01:24:19,439 --> 01:24:21,520
Speaker 2: Oh, I think they're gonna They're gonna have to be

1177
01:24:21,560 --> 01:24:24,920
more connected. And you can see that, like look at

1178
01:24:24,960 --> 01:24:28,000
cod as an example. You reference cod a couple of times. Well,

1179
01:24:28,840 --> 01:24:31,840
what's happened to the cod supply in the last two years.

1180
01:24:31,880 --> 01:24:36,520
It's drastically been reduced because the quote is on wildcot

1181
01:24:36,560 --> 01:24:40,800
cod are going down, So there are as you know,

1182
01:24:40,960 --> 01:24:46,319
there's many cod firming operations that are coming on stream.

1183
01:24:46,760 --> 01:24:53,079
And again it's too it's to meet the the the

1184
01:24:53,880 --> 01:24:57,199
over demand and undersupply of that business. The same thing

1185
01:24:57,239 --> 01:24:59,960
goes with tuna. I mean, we're we're the greatest exact

1186
01:25:00,000 --> 01:25:04,079
sample of the we're really the only fishery in the

1187
01:25:04,079 --> 01:25:08,600
world that combines pure wild fishery with a with a

1188
01:25:08,600 --> 01:25:13,239
aquaculture bolt on basically. And so you know, if you

1189
01:25:13,279 --> 01:25:18,039
look at bluefin tuna is the perfect example of the

1190
01:25:19,880 --> 01:25:24,560
cooperation ab both the wild fishery and aquaculture. But I

1191
01:25:24,600 --> 01:25:29,199
certainly think that as aquaculture becomes more even more prevalent

1192
01:25:29,239 --> 01:25:34,439
than it is today than that they're they're not really competitors.

1193
01:25:34,880 --> 01:25:38,760
They're just part of a just part of a larger industry.

1194
01:25:39,880 --> 01:25:46,399
Speaker 1: And do you feel that farming, sorry ocean farming, could

1195
01:25:46,439 --> 01:25:50,760
eventually reduced pleasure on wildfast stops.

1196
01:25:50,920 --> 01:25:54,439
Speaker 2: Yeah, of course. I mean, again I go back to

1197
01:25:54,439 --> 01:25:56,880
what I said earlier. I think seventy to seventy five

1198
01:25:57,359 --> 01:26:02,760
of production today is aquaculture based. You know, agaculture is

1199
01:26:02,800 --> 01:26:09,079
a relatively new way of farming. Uh, it's really only

1200
01:26:09,119 --> 01:26:11,520
been around in any sort of significant way for the

1201
01:26:11,600 --> 01:26:16,960
last that's called it twenty five years, whereas people have

1202
01:26:17,079 --> 01:26:21,119
been fishing wild for thousands of years. So yeah, I

1203
01:26:21,159 --> 01:26:24,520
mean you can see that a relatively new technology, which

1204
01:26:24,560 --> 01:26:28,359
is aguaculture now is now seventy five percent of what's

1205
01:26:28,399 --> 01:26:31,680
produced around the world. That's only going to get larger

1206
01:26:32,520 --> 01:26:36,960
as a percentage as as population grows and there's and

1207
01:26:37,000 --> 01:26:40,439
there's the need for more protein. So again, I don't

1208
01:26:40,479 --> 01:26:44,439
see it as competing elements. I think they're I think

1209
01:26:44,439 --> 01:26:51,640
they're just part of an overall seafood industry, and and

1210
01:26:51,640 --> 01:26:55,079
and and there in many ways you see much more

1211
01:26:55,119 --> 01:26:57,760
cooperation between the two sides of the businesses and the

1212
01:26:58,279 --> 01:27:01,119
and the ownership of the businesses. If you look at

1213
01:27:01,159 --> 01:27:07,239
a lot of the global seafood companies today, they are both.

1214
01:27:07,880 --> 01:27:10,960
They have aquaculture pieces to their business and they have

1215
01:27:11,039 --> 01:27:16,199
wildcot fisheries to their business, and so there's not that segmentation.

1216
01:27:16,479 --> 01:27:23,399
The consolidation within the industry means that whether you're a

1217
01:27:23,479 --> 01:27:29,039
multinational Japanese company or you're a multinational North American company,

1218
01:27:30,640 --> 01:27:36,720
your products and your supply is both aquaculture and wild today.

1219
01:27:38,359 --> 01:27:42,279
Speaker 1: Yeah, that's a goody putting that, thank you. Is there

1220
01:27:42,399 --> 01:27:47,279
anything that excites you about the future of seafood.

1221
01:27:47,800 --> 01:27:50,760
Speaker 2: Well, I think it's just everything that we've been talking about.

1222
01:27:51,079 --> 01:27:53,319
I think you can kind of hear the excitement in

1223
01:27:53,319 --> 01:27:56,439
my voice, which is, I think there's a great opportunity

1224
01:27:56,479 --> 01:28:02,359
for seafood to take a bigger share of that sort

1225
01:28:02,359 --> 01:28:06,039
of need for more protein around the world. And I

1226
01:28:06,079 --> 01:28:11,119
think there's every opportunity just just because of the story

1227
01:28:11,159 --> 01:28:16,199
behind seafood, and it's it's a healthy protein that's needed

1228
01:28:16,199 --> 01:28:19,159
around the world, and how that's presented will be the

1229
01:28:19,239 --> 01:28:23,079
key is to you know, how much how much share

1230
01:28:23,119 --> 01:28:25,600
of that pie seafood can get longer term?

1231
01:28:26,000 --> 01:28:31,720
Speaker 1: Yeah, And is there any misconceptions people have about modern

1232
01:28:31,760 --> 01:28:32,600
notion farming.

1233
01:28:35,319 --> 01:28:39,039
Speaker 2: I think there's obviously a lot of misperceptions, I mean,

1234
01:28:39,199 --> 01:28:44,640
and I think that's mostly based on past practices. I think, again,

1235
01:28:44,720 --> 01:28:47,279
the industry needs to do a better job of promoting

1236
01:28:47,319 --> 01:28:49,600
itself and all the things that they're doing when it

1237
01:28:49,680 --> 01:28:58,520
comes to responsible, environmentally friendly, sustainable practices, and so I think,

1238
01:28:58,760 --> 01:29:04,960
you know, I think it's more obviously there's always work

1239
01:29:05,000 --> 01:29:07,920
to be done to try to improve on that. But

1240
01:29:08,520 --> 01:29:15,319
I do think that the technology and the work that's

1241
01:29:15,359 --> 01:29:20,800
being done when it comes to sustainability is probably would,

1242
01:29:21,239 --> 01:29:24,960
if properly presented, would dispel a lot of those myths.

1243
01:29:25,760 --> 01:29:31,039
Speaker 1: Uh huh yeah. Yeah. And if there is there anything

1244
01:29:31,119 --> 01:29:35,720
you would if you had the opportunity to change about

1245
01:29:35,960 --> 01:29:39,600
the world the way the world thinks about seafood, what

1246
01:29:39,720 --> 01:29:40,319
would it be.

1247
01:29:42,439 --> 01:29:46,039
Speaker 2: Well, again, I think it's just it's it's pretty, it's

1248
01:29:46,079 --> 01:29:52,439
it's changing perception. I think it's changing perception around how

1249
01:29:52,479 --> 01:29:57,119
important aquaculture is as part of the overall seafood business.

1250
01:29:58,239 --> 01:30:03,600
There's still some headwinds from consumer acceptance perspective when it

1251
01:30:03,640 --> 01:30:06,159
comes to that. I think there's a lot of opportunity

1252
01:30:06,239 --> 01:30:09,520
to continue to advance that story and be able to

1253
01:30:09,560 --> 01:30:12,640
present that to tomorrow's consumer.

1254
01:30:13,079 --> 01:30:19,600
Speaker 1: And something that concerns me which maybe is not relevant

1255
01:30:19,680 --> 01:30:26,439
the same we described tuna, but modern seafood consumption is

1256
01:30:26,479 --> 01:30:30,960
how heavily the market focuses on only a few premier

1257
01:30:31,159 --> 01:30:37,720
cuts of particularly tuna. Is that something that you feel relevant?

1258
01:30:39,520 --> 01:30:46,079
Speaker 2: Not really? I mean, I mean, I think you know,

1259
01:30:46,720 --> 01:30:49,880
there's been a lot of advancement in terms of equipment

1260
01:30:49,920 --> 01:30:55,840
technology that have allowed for more variability in terms of cuts.

1261
01:30:56,239 --> 01:31:01,840
So you know, there's there's some really impressive innovations around

1262
01:31:03,720 --> 01:31:08,479
equipment manufacturing as it relates to the production of either

1263
01:31:08,560 --> 01:31:11,760
fresh or frozen seafood. So I don't see that as

1264
01:31:11,800 --> 01:31:16,159
being a barrier to growth. I think that's sort of

1265
01:31:16,199 --> 01:31:21,079
helped as it relates to offering consumers different cuts.

1266
01:31:21,399 --> 01:31:25,479
Speaker 1: Which under use parts of tuna. Do you believe deserve

1267
01:31:25,680 --> 01:31:27,520
greater culinary attention?

1268
01:31:30,239 --> 01:31:32,319
Speaker 2: Well, you know, we we do a lot of work

1269
01:31:34,159 --> 01:31:38,680
from a marketing perspective to really highlight different parts of

1270
01:31:38,720 --> 01:31:41,880
the tuna that that can be used. You know, I reference,

1271
01:31:41,960 --> 01:31:46,600
we have customers that are that want tuna eyes. We

1272
01:31:47,199 --> 01:31:49,960
you know, we we we do a lot of culinary work.

1273
01:31:49,960 --> 01:31:52,199
And when I say culinary work, like coming up with

1274
01:31:52,720 --> 01:31:58,039
recipe ideas for chefs around you know, different parts of

1275
01:31:58,079 --> 01:32:02,119
the head meat, but in general, as I said before,

1276
01:32:02,359 --> 01:32:06,600
tuna is a really high yielding fish. So a lot

1277
01:32:06,640 --> 01:32:08,399
of what we put in that box at the end

1278
01:32:08,439 --> 01:32:10,680
of the day gets gets used in one way or

1279
01:32:10,720 --> 01:32:11,039
the other.

1280
01:32:12,439 --> 01:32:18,039
Speaker 1: Yeah, could better utilization of tuna improve both sustainability and

1281
01:32:18,399 --> 01:32:20,239
profitability at the same thing.

1282
01:32:21,279 --> 01:32:23,560
Speaker 2: Yeah, I mean, and that's that's why we work on

1283
01:32:23,640 --> 01:32:27,399
that yielding side of the of the the business. That obviously,

1284
01:32:27,800 --> 01:32:29,680
the more of that fish that you can use, the

1285
01:32:29,680 --> 01:32:34,880
more profitable it is. That goes for really any species.

1286
01:32:35,640 --> 01:32:38,760
So yeah, I know we're we're constantly looking at ways too,

1287
01:32:39,720 --> 01:32:43,439
and we've got some new product development underway that we're

1288
01:32:43,439 --> 01:32:47,439
trying to utilize some other parts of the fish that

1289
01:32:47,560 --> 01:32:51,800
aren't being used in a big way today. So I

1290
01:32:51,840 --> 01:32:55,960
think that's where innovation and culinary innovation comes into play.

1291
01:32:56,520 --> 01:33:04,319
Speaker 1: Yeah, as part of the challengeational to explain both chefs

1292
01:33:04,359 --> 01:33:09,800
on consumers who do appreciate different textures and flavors.

1293
01:33:10,319 --> 01:33:14,680
Speaker 2: Yeah exactly. I mean, our our core customer base today

1294
01:33:14,760 --> 01:33:18,199
are very well versed in bluefin tuna, but as we

1295
01:33:18,279 --> 01:33:23,439
try to expand into other restaurant concepts other segments of

1296
01:33:23,520 --> 01:33:27,600
the restaurant market. There's definitely an educational piece as to

1297
01:33:28,119 --> 01:33:30,680
I think there's there's two pieces. There's an educational piece,

1298
01:33:30,720 --> 01:33:34,640
but there's also an innovation piece. So you need to

1299
01:33:34,680 --> 01:33:39,800
develop products that make it easier for chefs to put

1300
01:33:40,239 --> 01:33:44,359
or consumers in a retail setting for them to consume

1301
01:33:44,399 --> 01:33:47,359
your fish. Yeah.

1302
01:33:47,720 --> 01:33:51,800
Speaker 1: Yeah, in your view, do high end restaurants have a

1303
01:33:51,920 --> 01:33:57,680
responsibility to lead the way in full utilization a seafood?

1304
01:33:58,239 --> 01:34:00,720
Speaker 2: You mean, just in terms of the utilization of the fish.

1305
01:34:00,840 --> 01:34:05,960
I mean, I think ultimately they're what's that that's what's

1306
01:34:06,039 --> 01:34:09,560
driving the utilization of the fish. I mean, their economics

1307
01:34:09,640 --> 01:34:13,720
are so thin when it comes to running a restaurant,

1308
01:34:14,039 --> 01:34:16,439
so they want to get as much out of that

1309
01:34:16,520 --> 01:34:21,600
fish as they possibly can, and their food costs is

1310
01:34:21,640 --> 01:34:26,840
the ultimate driver of profitability within a restaurant setting. But

1311
01:34:26,960 --> 01:34:31,359
all restaurants operate on very thin margins. And so if

1312
01:34:31,439 --> 01:34:34,439
you can present them products that they know that they

1313
01:34:34,479 --> 01:34:38,199
can get almost full utilization of that fish, that's just

1314
01:34:38,239 --> 01:34:39,960
going to help your story and it's just going to

1315
01:34:40,000 --> 01:34:41,000
help you get on the menu.

1316
01:34:42,800 --> 01:34:46,640
Speaker 1: Yeah. But you know, I feel quite strongly a bit

1317
01:34:46,720 --> 01:34:49,920
that I know I had the as I said, the

1318
01:34:49,960 --> 01:34:56,880
restaurant myself, but I feel they should utilize more and

1319
01:34:57,039 --> 01:35:02,960
more parts of everty face because EYE class that as

1320
01:35:03,000 --> 01:35:08,000
part of sustainability, because the restaurant has to survive so

1321
01:35:08,119 --> 01:35:12,239
that it continues to be a customer to the farm.

1322
01:35:12,239 --> 01:35:18,560
But yeah, you know, offer the seafood to their customers.

1323
01:35:19,600 --> 01:35:22,600
Speaker 2: Yep, No, I see what you're saying. I think I

1324
01:35:22,640 --> 01:35:26,880
think it. It definitely would be helpful. I do. I

1325
01:35:26,920 --> 01:35:31,640
also think though that it's it's an industry solution and

1326
01:35:31,680 --> 01:35:35,600
it's a you know, in my case or in our case.

1327
01:35:36,720 --> 01:35:38,880
You know, when we go to speak to new customers

1328
01:35:38,960 --> 01:35:42,119
to potentially get the product on the menu, one of

1329
01:35:42,159 --> 01:35:46,760
the parts of the sales presentation is exactly that, which is,

1330
01:35:47,560 --> 01:35:49,079
this is a product that is going to be very

1331
01:35:49,079 --> 01:35:53,039
expensive to buy, but here's how you can utilize all

1332
01:35:53,039 --> 01:35:55,079
of the fish, and here's what you can sell it

1333
01:35:55,119 --> 01:35:58,439
for to your consumer. So it becomes a very profitable

1334
01:35:59,680 --> 01:36:05,079
active proposition for chefs. So you know, I never go

1335
01:36:05,199 --> 01:36:09,319
into a customer presentation with hey, here's our fish and

1336
01:36:09,880 --> 01:36:12,600
it's the best. You had to bring way more to

1337
01:36:12,640 --> 01:36:16,640
the table than that. And so you know, coming with

1338
01:36:17,680 --> 01:36:23,159
yielding analysis, coming with profitability analysis showing different ways that

1339
01:36:23,279 --> 01:36:27,920
they can put our fish on their menu to make

1340
01:36:27,960 --> 01:36:33,079
it exciting for their patrons or their their consumers. Is

1341
01:36:33,720 --> 01:36:35,680
you know, it's part of what you need to bring

1342
01:36:35,720 --> 01:36:38,039
to the table to stand out versus everybody else.

1343
01:36:39,279 --> 01:36:41,760
Speaker 1: The only thing that I think, Andrew, when I hear

1344
01:36:41,880 --> 01:36:45,880
you saying that, is you're good to somebody. What a

1345
01:36:46,000 --> 01:36:50,000
what a position? That power you have and confidence because

1346
01:36:50,039 --> 01:36:53,159
you're the way what you said there is you're going

1347
01:36:53,319 --> 01:36:56,680
to tell people that it yours is the.

1348
01:36:56,600 --> 01:37:01,600
Speaker 4: Best m and you know in your heart or hearts

1349
01:37:01,760 --> 01:37:06,600
it is the best. Yep, that's a strong division it is.

1350
01:37:06,640 --> 01:37:11,880
That's why well, I love this business. But it's not again,

1351
01:37:11,920 --> 01:37:15,319
it's not by accident. It's it's because of all of

1352
01:37:15,359 --> 01:37:18,279
the pieces behind the business. Where I can you know,

1353
01:37:18,399 --> 01:37:20,880
I can take those fifteen slides that I want to

1354
01:37:20,880 --> 01:37:23,720
present to a new customer and I can speak very

1355
01:37:23,760 --> 01:37:28,399
confidently on every aspect of what we're doing, the quality

1356
01:37:28,439 --> 01:37:31,560
of the fish, the coal chain, the work that we're

1357
01:37:31,560 --> 01:37:35,239
doing behind trying to build build a brand, the farm operation,

1358
01:37:35,399 --> 01:37:39,239
the fishing operation, and then and the sustainability, Like here

1359
01:37:39,279 --> 01:37:43,479
are all the things today we probably are Rodrigo whom

1360
01:37:43,520 --> 01:37:48,560
you spoke with before, who's our sustainability officer. He's got

1361
01:37:48,560 --> 01:37:52,359
projects underway today that you know won't bear any fruit

1362
01:37:52,439 --> 01:37:54,560
until two or three years from now. So he's looking

1363
01:37:54,600 --> 01:37:57,319
out two or three years from now as ways to

1364
01:37:57,439 --> 01:38:02,039
make our product and our brand, uh, you know, top

1365
01:38:02,039 --> 01:38:04,840
of the list when it comes to sustainability. We have

1366
01:38:05,039 --> 01:38:10,840
fishery improvement projects underway on the on the sardines that

1367
01:38:10,880 --> 01:38:15,479
we catch. We're looking for MSc certification on sardines and

1368
01:38:15,520 --> 01:38:19,920
on the wildcot fishery. There's five or six projects at

1369
01:38:19,920 --> 01:38:23,520
the firm to reduce waste. All all of those things,

1370
01:38:23,800 --> 01:38:26,800
they all add up to a great story.

1371
01:38:27,960 --> 01:38:31,279
Speaker 1: It is a great story. I think it's a fantastic story,

1372
01:38:31,319 --> 01:38:34,720
and I think it's been helped by Jims Sibley with

1373
01:38:35,079 --> 01:38:40,159
some of the videos he's done on your site. It's

1374
01:38:40,279 --> 01:38:42,079
just done stunning, stunning.

1375
01:38:42,159 --> 01:38:44,880
Speaker 2: We've had a couple of James was one. I've never

1376
01:38:44,960 --> 01:38:46,720
met James. I'd like to meet him. I know that

1377
01:38:46,760 --> 01:38:48,439
you're going to speak to him at some stage, so

1378
01:38:49,039 --> 01:38:51,880
feel free to pass on my info. But I know

1379
01:38:51,960 --> 01:38:54,159
he's been. He's been to our firm. We've had a

1380
01:38:54,239 --> 01:38:59,359
number of other social media influencers that have come to

1381
01:38:59,399 --> 01:39:04,159
our firm recently, But again, we don't pay anybody. When

1382
01:39:04,159 --> 01:39:06,279
it comes to that, we're not paying people. It's not

1383
01:39:06,319 --> 01:39:10,319
an advertisement. We invite people to come and say, hey, look,

1384
01:39:10,600 --> 01:39:13,840
if you want to do a series on what we're doing,

1385
01:39:14,319 --> 01:39:16,880
we'll take you out there and we'll show you around.

1386
01:39:17,000 --> 01:39:19,640
But we don't have any like even with James as

1387
01:39:19,640 --> 01:39:24,079
an example, I know, we didn't have any editorial. Weren't

1388
01:39:24,119 --> 01:39:26,800
able to change his story. It was his story.

1389
01:39:28,039 --> 01:39:33,279
Speaker 1: I described them from these videos as a you may

1390
01:39:33,439 --> 01:39:35,960
I don't know if you'll know there was a toy here,

1391
01:39:36,640 --> 01:39:41,520
action many kid's toy, and I described them as a

1392
01:39:41,560 --> 01:39:47,039
real life action man see helicopters and diving.

1393
01:39:47,640 --> 01:39:49,720
Speaker 2: Yeah, oh exactly. Yeah, that's great.

1394
01:39:50,399 --> 01:39:54,079
Speaker 1: Are there are cultures or countries that already do this

1395
01:39:54,319 --> 01:39:59,239
particularly well with the I could each the rest of

1396
01:39:59,279 --> 01:39:59,720
the world.

1397
01:40:00,800 --> 01:40:04,920
Speaker 2: Well, I think again, you know, in our business, it

1398
01:40:05,000 --> 01:40:08,199
all sort of flows from what's been built in Japan,

1399
01:40:08,680 --> 01:40:12,479
and so that's kind of unique in our business. But

1400
01:40:12,960 --> 01:40:15,399
part of the reason why I love that we still

1401
01:40:15,439 --> 01:40:19,840
do business in Japan is because it's really kind of

1402
01:40:19,880 --> 01:40:21,920
a badge of honor when it comes to as we

1403
01:40:22,000 --> 01:40:25,359
bring the product to other places in the world, and

1404
01:40:25,399 --> 01:40:29,359
to be able to say that we supply fresh blue

1405
01:40:29,359 --> 01:40:32,520
fin tuna to the Japanese market, which you can say

1406
01:40:32,560 --> 01:40:38,039
is the most discerning market from a consumer standpoint. That

1407
01:40:38,039 --> 01:40:40,720
that really helps us as we try to develop other

1408
01:40:40,840 --> 01:40:45,960
markets and as we build out our brand globally and

1409
01:40:46,039 --> 01:40:49,199
so you know we have an office in Japan. Well,

1410
01:40:49,319 --> 01:40:52,479
it's still a very important market for us, even though

1411
01:40:52,479 --> 01:40:56,000
it's a smaller percentage of our overall sales, but that's

1412
01:40:56,039 --> 01:40:59,000
really been more driven by growth elsewhere as opposed to

1413
01:40:59,039 --> 01:40:59,720
anything else.

1414
01:41:00,319 --> 01:41:05,439
Speaker 1: Yeah, yeah, under where can our listeners follow you? On Lane?

1415
01:41:05,119 --> 01:41:09,600
Are active and social media platforms.

1416
01:41:09,119 --> 01:41:12,000
Speaker 2: Well, don't follow me because that's that would be boring,

1417
01:41:12,119 --> 01:41:15,399
but you could follow Blue but Blue. Our brand is

1418
01:41:15,399 --> 01:41:19,960
Blue is Blue Fena. So it's uh, we're on Instagram.

1419
01:41:20,359 --> 01:41:23,880
You just looked under the Blue Fena b l U

1420
01:41:23,920 --> 01:41:26,560
E f I n A. And so that's really where

1421
01:41:26,600 --> 01:41:29,880
we concentrate most of our efforts is through our Instagram account.

1422
01:41:30,439 --> 01:41:33,640
And uh, then that's again that's the brand that we

1423
01:41:33,920 --> 01:41:36,399
that we sell under today. Bob Aqua Firms is the

1424
01:41:36,399 --> 01:41:39,399
holding company, but our brand and the one that we

1425
01:41:40,039 --> 01:41:43,239
that we're really putting a push when it comes to

1426
01:41:43,279 --> 01:41:46,760
our marketing efforts is the is the Blue Fena Blue

1427
01:41:46,760 --> 01:41:48,920
Fena Instagram account.

1428
01:41:49,239 --> 01:41:53,720
Speaker 1: Brilliant, brilliant. Before we pulled up, I was just gonna

1429
01:41:54,159 --> 01:42:00,479
see it. We mentioned we earlier. I couldn't believe it.

1430
01:42:00,520 --> 01:42:03,760
I was going to be I'm talking to Andrew Young

1431
01:42:03,840 --> 01:42:07,920
and he's not Scottish. That the one thing I can

1432
01:42:07,960 --> 01:42:12,199
say the saving grace for you. If you were, they

1433
01:42:12,199 --> 01:42:13,199
would be calling you.

1434
01:42:13,319 --> 01:42:16,880
Speaker 2: Andy, Yes exactly, No, I would. No one ever called

1435
01:42:16,880 --> 01:42:19,159
me Andy. I think maybe a couple of teachers, but

1436
01:42:19,199 --> 01:42:22,119
that's about Actually when I was when I was in Scotland,

1437
01:42:22,159 --> 01:42:23,079
everybody called.

1438
01:42:22,920 --> 01:42:25,279
Speaker 1: Me and yeah I can imagine that.

1439
01:42:25,359 --> 01:42:27,520
Speaker 2: Yeah, that doesn't bother me.

1440
01:42:27,600 --> 01:42:31,479
Speaker 1: That okay, good, excellent. Well, I would just thank you

1441
01:42:31,520 --> 01:42:35,359
so much. And they look forward to actually believe it

1442
01:42:35,479 --> 01:42:37,680
or not. When you were saying that people come into

1443
01:42:37,720 --> 01:42:44,600
the site Manuel in the previous on our last recording,

1444
01:42:45,119 --> 01:42:46,560
he's actually invited me.

1445
01:42:47,159 --> 01:42:50,119
Speaker 2: Oh yeah, you gotta come. I'll make sure that I'm

1446
01:42:50,159 --> 01:42:51,000
there when you're there.

1447
01:42:52,119 --> 01:42:56,319
Speaker 1: Great, Well, thank you. Anytime I'm not going to say Andy,

1448
01:42:56,439 --> 01:43:00,680
I'm gonna say Andrew you, thank you, thank you so much.

1449
01:43:00,720 --> 01:43:05,920
That's been fascinating, and they will be in touched shortly

1450
01:43:06,000 --> 01:43:08,960
to tell because it will not belong till it's released,

1451
01:43:09,359 --> 01:43:14,840
and we'll be releasing the three together Rodrigo, Manuel, yourself

1452
01:43:15,319 --> 01:43:20,399
and James simply, we're going to tie that awesome.

1453
01:43:20,760 --> 01:43:31,560
Speaker 2: Yeah, thanks Jem. I appreciate it having the day