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<v Speaker 1>Hello everybody, and welcome. Thank you for joining us again

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<v Speaker 1>on Seafood Matters Today I'm chatting with Manuel Vasquez. Manuel

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<v Speaker 1>is the CEO of Bacha Aqua Farms. Hello, Manuel, and

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<v Speaker 1>welcome to Seafood Matters. Great to have you on the show.

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<v Speaker 2>Thank you very much, jam and thank you for the invitation.

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<v Speaker 2>And good morning everyone, Thank you, thank you.

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<v Speaker 1>If I could maybe start, how has the global demand

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<v Speaker 1>for premium bluefin tuna evolved over the last decade and

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<v Speaker 1>how is Bacha Aqua Farms positioning itself to meet these

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<v Speaker 1>change in consumer needs.

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<v Speaker 2>Ah, yeah, great question, Jim. I think it's been a

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<v Speaker 2>really good business for those who have been on the bluefin.

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<v Speaker 2>Over the last decade. We've seen a change in consumer habits,

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<v Speaker 2>mainly from I would say the last generation, which was

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<v Speaker 2>treating the product just as a commodity. Now we realize

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<v Speaker 2>how important is that product in a different type of

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<v Speaker 2>restaurants and sushi outlets. Obviously that comes with a different

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<v Speaker 2>type of product as well, because now you see consumers

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<v Speaker 2>requesting a different set of organ electic attributes into the bluefin.

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<v Speaker 2>And at the same time, obviously we see a tremendous

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<v Speaker 2>opportunity of growth in those new niches and new segments

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<v Speaker 2>that are over and above of what we had before.

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<v Speaker 2>As a quote on the bluefin space as well, so

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<v Speaker 2>to put it on a nutshell on the last ten years,

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<v Speaker 2>there was this stigma on bluetin as well, because we

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<v Speaker 2>were an industry that it was having a kind of

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<v Speaker 2>dangerous pieces, and for over a decade we had very

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<v Speaker 2>tough controls on the amount of fish that we could

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<v Speaker 2>get out of the ocean. Finally, last year, for the

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<v Speaker 2>first time in a decade, all the scientific community from

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<v Speaker 2>the West and the East got together and then they

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<v Speaker 2>realized that actually the targets and the abundance of biomass

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<v Speaker 2>in the ocean was over and above of the objectives

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<v Speaker 2>that we were supposed to achieve within the next five years.

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<v Speaker 2>And as a result of that, for the first time

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<v Speaker 2>in many years, they gave us a quota increase of

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<v Speaker 2>fifty percent quote increase. As you can imagine, it was

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<v Speaker 2>a big challenge for all companies because then you need

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<v Speaker 2>to increase your structure and infrastructure in order to embrace

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<v Speaker 2>that volume. And at the same time, obviously you need

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<v Speaker 2>to develop a market that is there, but it still

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<v Speaker 2>needs to be educated and needs to be positioned with

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<v Speaker 2>the right product and priced. So all these just to

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<v Speaker 2>summarize that. Indeed, the last decade has been good, but

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<v Speaker 2>the last two years I would say were extremely better

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<v Speaker 2>than what we have seen. And obviously we have a

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<v Speaker 2>very positive outlook for the years to come.

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<v Speaker 1>That's very encouraging. I would love to come back to that.

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<v Speaker 1>But if I could, just before that, ask you what

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<v Speaker 1>was your background before joining bach Arco Farms.

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<v Speaker 2>Well, for many years I worked for Nesley, you know

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<v Speaker 2>the chuck I played, milch and a beverage company. I

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<v Speaker 2>actually started my career over there more than twenty five

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<v Speaker 2>years ago. I worked for them in Mexico, Panama, Ghana, Switzerland, Singapore,

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<v Speaker 2>back to Mexico, then Dubai for a while back to Mexico,

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<v Speaker 2>and then with that just finished the first twenty years

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<v Speaker 2>of my life with them, doing many things. As you know,

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<v Speaker 2>Nesle is a big corporation that goes some foods and beverage,

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<v Speaker 2>so it was a big school for me, even changing

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<v Speaker 2>roles within during these years from finance to commercial. Then

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<v Speaker 2>I left the company and then I went into tuna. First,

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<v Speaker 2>I started in the yellowfin industry with one of the

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<v Speaker 2>main companies that is called Tuni in Mexico, and later

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<v Speaker 2>on I went to work for Atundolore, which is the

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<v Speaker 2>largest tuna fishing company, I would say in Latin America.

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<v Speaker 2>So over there I leland the ropes on the seafood

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<v Speaker 2>and the fishing and the tuna. And then just by coincidence,

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<v Speaker 2>I was invited to go back to coffee for a while,

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<v Speaker 2>and with that I finished my yellow fiend experience. After

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<v Speaker 2>two years of being in the coffee again, finally I

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<v Speaker 2>got this call three years ago and then I madly

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<v Speaker 2>fell in love of culture and what you know is

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<v Speaker 2>now Bajack of arms. So I'm here to here with

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<v Speaker 2>the company away for three years. At that point of time,

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<v Speaker 2>we were going through as an transision also in terms

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<v Speaker 2>of shareholders, so it was really a nice time for

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<v Speaker 2>me to join the company and then go with these

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<v Speaker 2>new transition of owners and obviously a strategy for the company. Ah.

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<v Speaker 2>I'm also a Mexican national. My background is in finance.

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<v Speaker 2>And then I went to study in Chicago Bull and

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<v Speaker 2>Gellog for some m b A and marketing degrees, and

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<v Speaker 2>as you know, going around all these places, I also

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<v Speaker 2>managed to collect a number of different languages to speak,

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<v Speaker 2>and that's it.

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<v Speaker 1>Yeah, that's your life. From what you see there madeo

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<v Speaker 1>lb tuna and I would start by it made sound

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<v Speaker 1>as if I'm trying to catch here, but I'm not.

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<v Speaker 1>I'm gonna put my hand up and admit my own

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<v Speaker 1>neg ignos on the subject in unfashioned all my life.

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<v Speaker 1>But there's just no to there or anything like that

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<v Speaker 1>or waters. There's a big difference between yellow fan and

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<v Speaker 1>blue fen.

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<v Speaker 2>Yes, absolutely biologically speaking, they don't even look the same,

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<v Speaker 2>but even in the way that they behave and the

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<v Speaker 2>habitat that they have is also different. The yellow fin

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<v Speaker 2>is on tropical waters, which is going out the equator

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<v Speaker 2>and a little bit above them below, but that's normally

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<v Speaker 2>the place that they have it. Then the blue find

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<v Speaker 2>for difference, is normally on the north or really south,

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<v Speaker 2>much closer to cold waters rather than to tropical waters.

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<v Speaker 2>And it's having a completely different migration pattern which starts

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<v Speaker 2>in Japan and cross all the Pacific on the North

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<v Speaker 2>Current to California and co goes down all the way

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<v Speaker 2>to Encinada and then back again, So that migration pattern

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<v Speaker 2>is completely different from yellow fin. Yellowfin is normally associated

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<v Speaker 2>to dolphins, so you will see a school of dolphins

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<v Speaker 2>together with yellowfin. As a result of that, obviously there

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<v Speaker 2>is a completely different technique and the way to catch

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<v Speaker 2>and capture that fash. In the case of blue fin,

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<v Speaker 2>it is not associated to dolphins. It is much more

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<v Speaker 2>associated to sudin, which is obviously what they eat.

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<v Speaker 1>So okay.

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<v Speaker 2>And then in terms of industry, you recognize yellow fin

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<v Speaker 2>going in a can, so that's normally the way that

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<v Speaker 2>consumer understands the product, and bluefin we normally take it

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<v Speaker 2>out of a can and we put it on a

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<v Speaker 2>different type of plates, starting from sushi, sushimi and nowadays

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<v Speaker 2>the most sophisticated places that you can imagine on white

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<v Speaker 2>table restaurants around the world.

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<v Speaker 1>Okay, So if you see it in a Japanese restaurant,

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<v Speaker 1>it's bluefin.

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<v Speaker 2>Yeah, because of the taste and the fat content that

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<v Speaker 2>you can find, specifically in the case of blue fin,

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<v Speaker 2>it tends to it fatten. And this is how even

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<v Speaker 2>they got this name. On the different parts of the

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<v Speaker 2>body of a fresh that came from the Japanese culture,

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<v Speaker 2>so we call toro o toro, which is like the

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<v Speaker 2>lower part of the loin or the belly loin as

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<v Speaker 2>we call it. Then you have the tchutuo anakami, which

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<v Speaker 2>is the side loins and the upper part of the loin,

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<v Speaker 2>which in terms of the fat content, is a completely

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<v Speaker 2>different color and fat that you can see on the flesh.

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<v Speaker 2>In the case of the yellow fin, since the swimming

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<v Speaker 2>patterns are completely different, they don't develop that much fat,

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<v Speaker 2>so you will have a very lean flash and that

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<v Speaker 2>lean flesh obviously is having a different color and a

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<v Speaker 2>different taste completely.

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<v Speaker 1>It's really interesting. That's really interesting, I would imagine, I

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<v Speaker 1>don't know if it's Before I was going to ask

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<v Speaker 1>you about the difference in the flavors, I would have

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<v Speaker 1>thought from the weird described that the bluefin with more

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<v Speaker 1>fat would have been tisty. But are they not. Are

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<v Speaker 1>they just completely different. There's not a case that one

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<v Speaker 1>is better than the other. They're just different.

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<v Speaker 2>They're just different. Obviously, the fact that you have that

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<v Speaker 2>fat content a different taste, and because it takes a

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<v Speaker 2>different taste, is a bit more sophisticated in the way

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<v Speaker 2>to prepare it, because you need to obviously take advantage

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<v Speaker 2>of these organ elyptic features that you already have on

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<v Speaker 2>the fish. And also as a result of that, there

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<v Speaker 2>is also a price difference, right, because of the limited

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<v Speaker 2>quantity that you have. Is a bit like diamonds, right,

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<v Speaker 2>So you don't have many, So then it's just economic

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<v Speaker 2>rules demand and supply. If you don't really have a

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<v Speaker 2>lot of supply, obviously price goes high. Is a bit

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<v Speaker 2>the way that it works.

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<v Speaker 1>Yeah, they're very fast swimmers, are there to.

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<v Speaker 2>Believe, Yes, yes they do. They swim long distances and

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<v Speaker 2>really really fast. However, they tend to be in the coast,

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<v Speaker 2>need the coast because of the way that they eat

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<v Speaker 2>Saudi and this is where we manage to spot that fish.

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<v Speaker 2>And what we do is a technique not to actually

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<v Speaker 2>fish it, but to capture. So what we do is

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<v Speaker 2>a set where we throw the net, we capture the fish,

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<v Speaker 2>and we try not to stress it. That's probably the

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<v Speaker 2>most complicated part of it. Then we bring a pen

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<v Speaker 2>that is connected to the net and then we transfer

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<v Speaker 2>the fish into a pen. Thereafter then we are towing

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<v Speaker 2>that pen into our farm. Normally we are feeding that

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<v Speaker 2>fish for as much as one year. During that period

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<v Speaker 2>of time, we are one of the farms, or probably

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<v Speaker 2>the only farm around the world that is having a

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<v Speaker 2>centralized fitting system. And what I mean be that. Imagine

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<v Speaker 2>that you have one vessel in the middle of the

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<v Speaker 2>farm and you have twenty pens connected to that vessel.

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<v Speaker 2>On that vessel we bring all the sudding that we

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<v Speaker 2>are fishing every day, and from that vessel we are

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<v Speaker 2>pumping the sudding into the pens three times a day

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<v Speaker 2>to society. We also have cameras inside every single pen

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<v Speaker 2>at three different levels of debt. With those cameras, we

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<v Speaker 2>are monitoring with artificial intelligence, the behavior of the fish,

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<v Speaker 2>how much they eat, how they move, and this is

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<v Speaker 2>how an operator on this centralized feeding system is pumping

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<v Speaker 2>the right amount of booth. So then we grow that

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<v Speaker 2>fash systematically to have what we call a steady size,

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<v Speaker 2>a steady supply, anesthetic quality, which is the first value

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<v Speaker 2>proposition that we bring to all our consumers.

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<v Speaker 1>Very sophisticated operation.

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<v Speaker 2>It is becoming very much sophisticated. It was not like this,

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<v Speaker 2>I must say. You know, we were one of the

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<v Speaker 2>few companies that twenty five years ago we started shoveling

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<v Speaker 2>sudding into the fans really hate as you do. A

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<v Speaker 2>stell have farms in Japan and many other places around

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<v Speaker 2>the world. In our cases, we came to this level

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<v Speaker 2>of sophistication as a result of obviously the engineering and

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<v Speaker 2>the necessity of bringing an upgrade into the whole industry.

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<v Speaker 2>So we started mimicking this idea from the salmon, which

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<v Speaker 2>is not a secret or most of the salmon farms

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<v Speaker 2>operate somehow like this. In our case, it was much

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<v Speaker 2>more challenging because we don't fit with pellets, we don't

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<v Speaker 2>fit with any artificial food. We just fit with souding

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<v Speaker 2>on percent souding on the percent fresh not even frozen sadin.

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<v Speaker 2>So in in our case it was much more challenging

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<v Speaker 2>to have an engineering system that it was able to

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<v Speaker 2>support the quality of the southing without destroying it. As

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<v Speaker 2>you might not. Souding is composed eighty percent by water

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<v Speaker 2>on the body mass composition, so if you don't treat

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<v Speaker 2>the souding well, you will destroy it immediately and as

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<v Speaker 2>a result of that, even the tuna will not eat it,

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<v Speaker 2>so it will be a waste of food. So even

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<v Speaker 2>in that particular case, we've been very meticulous in the

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<v Speaker 2>way that the technology has been evolving and constructed and

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<v Speaker 2>adapted to our tuna farm.

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<v Speaker 1>When you're when you're sitting there taking me wonder, it's

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<v Speaker 1>obviously not the same as what we would class as

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<v Speaker 1>a traditional farm. Maybe some here or they would have

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<v Speaker 1>the small motors as we call them, and they would

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<v Speaker 1>feed them and they would grow and get heavier. I

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00:16:04.480 --> 00:16:07.519
<v Speaker 1>don't think it's it's not quite the same, are you

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<v Speaker 1>are you still want to feed them to get to

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<v Speaker 1>odd with puld them.

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<v Speaker 2>Right now, as I was telling you, we really changed

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<v Speaker 2>the rules on how the industry was behaving. Still two

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<v Speaker 2>years ago, I can tell you that there were few

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00:16:29.639 --> 00:16:32.799
<v Speaker 2>companies in Mexico and they were all going out with

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00:16:32.919 --> 00:16:36.279
<v Speaker 2>their own vessels trying to get as much fish as

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<v Speaker 2>possible because we had this system that is called Olympic fishing.

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<v Speaker 2>So what it tells you is that you get out

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<v Speaker 2>and get as much fish as you can get in

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<v Speaker 2>the least amount of time. It's like giving a ball

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00:16:50.559 --> 00:16:53.840
<v Speaker 2>of eminem's to a bunch of kids and then tell

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00:16:53.919 --> 00:16:56.320
<v Speaker 2>them to eat as much. So you can imagine that

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00:16:56.440 --> 00:17:00.159
<v Speaker 2>it was a bit of a disaster, right. So but

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00:17:00.320 --> 00:17:05.599
<v Speaker 2>that change finally two years ago we enter into a

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00:17:05.720 --> 00:17:09.680
<v Speaker 2>new dynamic with the whole industry. And right now what

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00:17:09.839 --> 00:17:12.359
<v Speaker 2>we are doing is to catch the bigger fish, so

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00:17:12.480 --> 00:17:15.880
<v Speaker 2>there's no rush. Everyone is having their own take, and

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00:17:16.000 --> 00:17:19.319
<v Speaker 2>because of that, we just changed completely the rules of

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00:17:19.400 --> 00:17:23.720
<v Speaker 2>the game and the rules of engagement. Today we don't

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00:17:23.759 --> 00:17:29.759
<v Speaker 2>get any fish below eighty kilo, so a juvenile is

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00:17:29.880 --> 00:17:33.119
<v Speaker 2>considered on the twenty five kilos, just to give you

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00:17:33.200 --> 00:17:37.079
<v Speaker 2>an example, that was the case before. Today we are

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00:17:37.240 --> 00:17:40.759
<v Speaker 2>just getting adults. So we are getting adults at eighty

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00:17:40.880 --> 00:17:44.440
<v Speaker 2>kilo and then what we are doing is to fatten

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00:17:44.559 --> 00:17:47.599
<v Speaker 2>those adults. And then we just converted that fish from

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00:17:47.640 --> 00:17:51.799
<v Speaker 2>etikilo to probably hundred hundred and ten until we have

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00:17:51.960 --> 00:17:56.039
<v Speaker 2>that good fat content that I was talking to you about, yeah,

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00:17:56.039 --> 00:17:58.240
<v Speaker 2>and then the fish is ready to hit the places.

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00:18:00.279 --> 00:18:04.079
<v Speaker 2>This is not a growth period, it's actually a fattening period.

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00:18:04.440 --> 00:18:09.680
<v Speaker 2>And that's why obviously it requires much less auding, it

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00:18:09.920 --> 00:18:15.319
<v Speaker 2>requires obviously less working capitals if we want to talk

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00:18:15.319 --> 00:18:21.039
<v Speaker 2>about the business, and obviously much more sustainable in all right, So,

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00:18:21.240 --> 00:18:23.920
<v Speaker 2>which is the main thing that we want to achieve

254
00:18:24.000 --> 00:18:26.400
<v Speaker 2>at the end of the day, So we get a

255
00:18:26.440 --> 00:18:30.599
<v Speaker 2>bit fished, that is requiring less audin, that is also

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00:18:30.759 --> 00:18:34.880
<v Speaker 2>requiring less time to fatten. And then at the end

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00:18:34.920 --> 00:18:39.440
<v Speaker 2>of the day that is also closing the cycle on

258
00:18:39.559 --> 00:18:45.000
<v Speaker 2>the reproduction way to make sure that is reproducing several

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00:18:45.079 --> 00:18:48.359
<v Speaker 2>times before it is actually getting out of the water,

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00:18:49.079 --> 00:18:52.200
<v Speaker 2>which is what we want to achieve. And by doing

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00:18:52.279 --> 00:18:56.960
<v Speaker 2>all these steps right, then we have a much healthier industry.

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<v Speaker 2>We have obviously a company that this requires hiring less

263
00:19:01.079 --> 00:19:04.799
<v Speaker 2>working capital, and we are a company that is obviously

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<v Speaker 2>much more sustainable of what we were already.

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<v Speaker 1>Yes, indeed, I don't know if the tuna is the

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00:19:14.160 --> 00:19:19.599
<v Speaker 1>same as let's say, well our traditional fish. If I

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00:19:19.839 --> 00:19:23.519
<v Speaker 1>was to be asked what my favorite cut is and

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00:19:23.720 --> 00:19:26.960
<v Speaker 1>what part of the fish, every time, I would say

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00:19:27.279 --> 00:19:30.880
<v Speaker 1>the belly, you have a glu choice. Would that be

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00:19:30.960 --> 00:19:31.839
<v Speaker 1>the same tuna?

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<v Speaker 2>I think it depends on the balladar, honestly speaking, you

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00:19:35.920 --> 00:19:41.079
<v Speaker 2>will see, especially in Japan, is highly overpriced. The belly

273
00:19:43.240 --> 00:19:47.319
<v Speaker 2>is really about that, you know, they call it the

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00:19:47.480 --> 00:19:50.960
<v Speaker 2>toro and toro this is really the part that they

275
00:19:51.160 --> 00:19:54.440
<v Speaker 2>like the most. But if you go to other places

276
00:19:54.720 --> 00:19:58.160
<v Speaker 2>like Brazil, Mexico, Middle East, even some part of the US,

277
00:20:00.680 --> 00:20:03.559
<v Speaker 2>they don't really see that part of the belly as

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00:20:03.920 --> 00:20:07.160
<v Speaker 2>something that it will be as lightful as probably another

279
00:20:07.240 --> 00:20:09.599
<v Speaker 2>part of the body of the tuna. That's the true.

280
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<v Speaker 2>So that's a challenge going forward for the company to

281
00:20:15.359 --> 00:20:19.200
<v Speaker 2>do that market segmentation right, because if we do that right,

282
00:20:19.400 --> 00:20:21.599
<v Speaker 2>that this means that a tuna should be cut in

283
00:20:21.720 --> 00:20:27.400
<v Speaker 2>pieces to the light consumers in a very different way,

284
00:20:27.920 --> 00:20:30.240
<v Speaker 2>and it's coming over from the same tuna. But if

285
00:20:30.279 --> 00:20:33.960
<v Speaker 2>you're able to name it and labeled correctly, then you

286
00:20:34.119 --> 00:20:38.759
<v Speaker 2>will have obviously an advantage in sending the right product

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00:20:38.839 --> 00:20:41.200
<v Speaker 2>with the right price to the right consumer.

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<v Speaker 1>Okay, yeah, we are seeing a move towards conscious consumerism.

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00:20:49.559 --> 00:20:53.640
<v Speaker 1>How does the demand for tresability and sustainability and high

290
00:20:53.759 --> 00:20:59.039
<v Speaker 1>end markets like Japan and America dictate your daily operations

291
00:20:59.400 --> 00:21:00.559
<v Speaker 1>in Mexico, Club.

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00:21:02.279 --> 00:21:06.400
<v Speaker 2>Well, you mess a great question because I'm telling you

293
00:21:06.519 --> 00:21:10.279
<v Speaker 2>know the whole company all the time that sustainability is

294
00:21:10.440 --> 00:21:13.839
<v Speaker 2>on every decision that we made every day. It's not

295
00:21:14.160 --> 00:21:17.640
<v Speaker 2>just a label or something that we want to achieve

296
00:21:17.880 --> 00:21:20.240
<v Speaker 2>or something that we write on a piece of paper,

297
00:21:20.359 --> 00:21:24.079
<v Speaker 2>but it is on every decision that we made. And

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00:21:24.200 --> 00:21:27.920
<v Speaker 2>it's true, it comes with a cost, and it comes

299
00:21:28.039 --> 00:21:32.119
<v Speaker 2>with behaving also in a different way. Just to give

300
00:21:32.160 --> 00:21:36.480
<v Speaker 2>you some examples on what sustainability means for Baja to

301
00:21:36.599 --> 00:21:39.759
<v Speaker 2>start with, just told you the story on how we've

302
00:21:39.799 --> 00:21:43.640
<v Speaker 2>had to change completely the way the industry operated you know,

303
00:21:43.880 --> 00:21:48.440
<v Speaker 2>before going from Olympic fishing into now a more civilized

304
00:21:48.519 --> 00:21:52.519
<v Speaker 2>way of fishing as I describe it, and then as

305
00:21:52.559 --> 00:21:56.480
<v Speaker 2>a result, changing from twenty five kilowfish to eighty kilowfish,

306
00:21:56.759 --> 00:21:58.720
<v Speaker 2>just in the way that we get out of the water.

307
00:22:00.079 --> 00:22:03.480
<v Speaker 2>Top of that, the investments that are around the farm,

308
00:22:03.680 --> 00:22:06.480
<v Speaker 2>in the way that we feed those fish. If I

309
00:22:06.640 --> 00:22:10.839
<v Speaker 2>go even one step behind, every single fish that we

310
00:22:11.000 --> 00:22:13.759
<v Speaker 2>take out of the water, even before we take it

311
00:22:13.880 --> 00:22:18.079
<v Speaker 2>out of the water, there is two observers on each

312
00:22:18.200 --> 00:22:22.240
<v Speaker 2>of our vessels writing every single thing that we do.

313
00:22:23.119 --> 00:22:27.200
<v Speaker 2>So every single set that we do is registered by

314
00:22:27.279 --> 00:22:31.119
<v Speaker 2>these two observers. One of these is the OBSERVERCE corresponds

315
00:22:31.160 --> 00:22:35.279
<v Speaker 2>to the Mexican government to Conapesca in this case, and

316
00:22:35.400 --> 00:22:40.000
<v Speaker 2>the other observer corresponds to ADDC, which is the Inter

317
00:22:40.279 --> 00:22:44.880
<v Speaker 2>American Tuna Tropical Commission, and that's a regulated around the

318
00:22:44.960 --> 00:22:48.839
<v Speaker 2>world that is checking that we do things the right way.

319
00:22:49.480 --> 00:22:55.160
<v Speaker 2>So these two persons are registering on the books every

320
00:22:55.200 --> 00:22:59.400
<v Speaker 2>single set on the amount of tones, on the coordinates

321
00:22:59.799 --> 00:23:02.920
<v Speaker 2>that the fishes, and because of that, we are able

322
00:23:03.039 --> 00:23:08.240
<v Speaker 2>to label that fish that goes into our pen. As

323
00:23:08.279 --> 00:23:11.359
<v Speaker 2>a result of that, whenever we told those fish to

324
00:23:11.480 --> 00:23:16.079
<v Speaker 2>our farm and grow that fish. We have identify that

325
00:23:16.279 --> 00:23:19.160
<v Speaker 2>fish from the minute that we had that set in

326
00:23:19.279 --> 00:23:23.519
<v Speaker 2>the vessel and through the period that we fought on

327
00:23:23.599 --> 00:23:26.839
<v Speaker 2>the fish. We are still identifying every single piece that

328
00:23:26.960 --> 00:23:30.279
<v Speaker 2>we have on the water because it goes on every

329
00:23:30.359 --> 00:23:32.799
<v Speaker 2>single report that we give to the authorities on a

330
00:23:32.920 --> 00:23:36.519
<v Speaker 2>monthly basis. Once we get that fish out of the water,

331
00:23:36.720 --> 00:23:39.440
<v Speaker 2>the first thing that we do is to put a

332
00:23:39.559 --> 00:23:43.359
<v Speaker 2>QR on the mouth with all the trace ability system

333
00:23:43.440 --> 00:23:46.559
<v Speaker 2>that I just explained to you from the very origin,

334
00:23:47.119 --> 00:23:50.359
<v Speaker 2>from the minute that we actually did the set till

335
00:23:50.440 --> 00:23:52.559
<v Speaker 2>the minute that we took the fish out of the water,

336
00:23:53.200 --> 00:23:57.039
<v Speaker 2>and thereafter, if we are sending this fish to whatever

337
00:23:57.160 --> 00:24:01.559
<v Speaker 2>place in the world is, then the consumer will have

338
00:24:01.720 --> 00:24:05.480
<v Speaker 2>the ability just to scan that QR and know what

339
00:24:05.680 --> 00:24:09.480
<v Speaker 2>it is back to back the whole traceability chain. So

340
00:24:10.759 --> 00:24:12.920
<v Speaker 2>all the things that I've described to require a lot

341
00:24:13.039 --> 00:24:20.599
<v Speaker 2>of technology investment, innovation, equipment, gapex and many things that

342
00:24:20.759 --> 00:24:24.279
<v Speaker 2>obviously consumer doesn't see, but for the company are important

343
00:24:24.359 --> 00:24:27.440
<v Speaker 2>to achieve in order to make sure that we are

344
00:24:27.559 --> 00:24:28.759
<v Speaker 2>here for many more years.

345
00:24:31.759 --> 00:24:38.160
<v Speaker 1>Yeah, it's Dummer above and the global economy, how do

346
00:24:38.279 --> 00:24:43.039
<v Speaker 1>you balance a high cost of sustainable Turner ranch in

347
00:24:43.440 --> 00:24:46.960
<v Speaker 1>with the markets fluctuate and price points.

348
00:24:48.880 --> 00:24:51.160
<v Speaker 2>Well, Jen, we are trying to get out of that

349
00:24:51.319 --> 00:24:56.160
<v Speaker 2>fluctuation of price points. I think the most important part

350
00:24:57.440 --> 00:25:00.960
<v Speaker 2>is that you take your product out of the commodity

351
00:25:01.200 --> 00:25:04.559
<v Speaker 2>environment and that you are able actually to go to

352
00:25:04.720 --> 00:25:08.559
<v Speaker 2>the higher end of the pyramid, which is the premium

353
00:25:08.680 --> 00:25:11.720
<v Speaker 2>and even I would say it's super premium. In order

354
00:25:11.799 --> 00:25:15.160
<v Speaker 2>to do that, this is why we invest so much

355
00:25:15.559 --> 00:25:20.839
<v Speaker 2>into technology, product development, and even the way that we

356
00:25:21.000 --> 00:25:25.400
<v Speaker 2>feed the fish. So I told you before that the

357
00:25:25.480 --> 00:25:29.839
<v Speaker 2>first value proposition that we have is steady supply, steady size,

358
00:25:30.039 --> 00:25:34.079
<v Speaker 2>and steadic quality. But we have some others which goes

359
00:25:34.200 --> 00:25:38.519
<v Speaker 2>even with the temperature, with color of retention, with the flavor,

360
00:25:39.000 --> 00:25:42.599
<v Speaker 2>with the fact that we are the only company around

361
00:25:42.640 --> 00:25:45.960
<v Speaker 2>the world that is feeding on hundred percent sudding and

362
00:25:46.000 --> 00:25:51.279
<v Speaker 2>one hundred percent fresh, that changed the flavor of the fish. Obviously,

363
00:25:51.400 --> 00:25:55.480
<v Speaker 2>if you give any other type of even antibiotics, some

364
00:25:55.599 --> 00:25:59.200
<v Speaker 2>of the companies are doing is going against the nature,

365
00:26:00.119 --> 00:26:02.880
<v Speaker 2>trying to have affect that is in nature good right.

366
00:26:03.079 --> 00:26:06.279
<v Speaker 2>So we are getting rid of all these things and

367
00:26:06.400 --> 00:26:09.279
<v Speaker 2>trying to go to a space where we are alone

368
00:26:09.359 --> 00:26:12.799
<v Speaker 2>with consumer and because we are alone with the consumer,

369
00:26:13.440 --> 00:26:19.359
<v Speaker 2>then obviously we are not facing this type of price pluctuations,

370
00:26:19.920 --> 00:26:23.519
<v Speaker 2>but we are obviously making a value proposition that is

371
00:26:23.640 --> 00:26:25.680
<v Speaker 2>going over and above our competitors.

372
00:26:28.920 --> 00:26:33.720
<v Speaker 1>I would say, Manuel, they're pretty, They're very you're tuned,

373
00:26:33.759 --> 00:26:37.079
<v Speaker 1>are very lucky, whether they're feeding on sardines.

374
00:26:38.640 --> 00:26:42.359
<v Speaker 2>We are blessed. And one of the things is obviously

375
00:26:42.599 --> 00:26:46.839
<v Speaker 2>the strategic vision that even our founders have many years ago,

376
00:26:47.200 --> 00:26:50.720
<v Speaker 2>which was to erect a company with these type of

377
00:26:50.920 --> 00:26:54.319
<v Speaker 2>values and thinking. But the other thing that I must

378
00:26:54.400 --> 00:26:58.400
<v Speaker 2>also confess is that we are blessed because of the

379
00:26:58.519 --> 00:27:02.240
<v Speaker 2>location that we are. There is only four places in

380
00:27:02.359 --> 00:27:06.680
<v Speaker 2>the world around the world that are having this abundance

381
00:27:06.720 --> 00:27:10.400
<v Speaker 2>of Saudi and we are happen to be really at

382
00:27:10.440 --> 00:27:15.799
<v Speaker 2>the end of the California Current, which is known because

383
00:27:15.880 --> 00:27:20.440
<v Speaker 2>of its abundance on Saudi. So Saudin for us is there,

384
00:27:20.759 --> 00:27:25.039
<v Speaker 2>and we are blessed to happen to reach the southern

385
00:27:25.119 --> 00:27:28.240
<v Speaker 2>in a very short distance, so hence we can get

386
00:27:28.319 --> 00:27:31.160
<v Speaker 2>it fresh, hence we can get it for a very

387
00:27:31.240 --> 00:27:35.640
<v Speaker 2>competitive price, and hence we can continue feeding the tuna

388
00:27:36.079 --> 00:27:38.559
<v Speaker 2>in the most natural way that it would happen as

389
00:27:38.599 --> 00:27:39.720
<v Speaker 2>if they were white.

390
00:27:43.319 --> 00:27:46.079
<v Speaker 1>And I'm not going to say there's nichere, commented, it's

391
00:27:46.119 --> 00:27:51.079
<v Speaker 1>obviously niches and everything, but it's a seasonal any part

392
00:27:51.160 --> 00:27:56.480
<v Speaker 1>of it the cycle, I would.

393
00:27:56.319 --> 00:28:02.240
<v Speaker 2>Say, the tuna capturing, you can call it seasonal because,

394
00:28:02.359 --> 00:28:04.920
<v Speaker 2>as I said, the water needs to be cold, So

395
00:28:05.079 --> 00:28:12.039
<v Speaker 2>you will normally find this fish mostly between February and June,

396
00:28:13.000 --> 00:28:17.720
<v Speaker 2>and then probably again you will see it in September December,

397
00:28:18.119 --> 00:28:22.079
<v Speaker 2>which is normally when the water is getting colder during

398
00:28:22.200 --> 00:28:24.799
<v Speaker 2>that part of the year. Obviously they are migrating to

399
00:28:24.960 --> 00:28:29.839
<v Speaker 2>different temperatures. We don't know indeed where they are going,

400
00:28:30.680 --> 00:28:34.559
<v Speaker 2>but two times of the year, what we identify that

401
00:28:34.680 --> 00:28:38.079
<v Speaker 2>the fish is really near to the coast of Mexico,

402
00:28:38.240 --> 00:28:42.039
<v Speaker 2>which is normally the place that we get there is

403
00:28:42.640 --> 00:28:47.160
<v Speaker 2>between February and June, which is the best place for

404
00:28:47.319 --> 00:28:48.880
<v Speaker 2>us to go there and get it.

405
00:28:50.920 --> 00:28:59.160
<v Speaker 1>Yeah, Okay, Obviously back forums, as a major employer in

406
00:28:59.279 --> 00:29:05.279
<v Speaker 1>the reason region, how does a global export business specifically

407
00:29:05.440 --> 00:29:12.799
<v Speaker 1>translate into long term economic stability for the local region community.

408
00:29:14.400 --> 00:29:18.240
<v Speaker 2>By being there, you know, there will be many ways

409
00:29:18.480 --> 00:29:22.119
<v Speaker 2>probably for the company to segmentate and move operations here

410
00:29:22.200 --> 00:29:25.119
<v Speaker 2>and there. And I think one of the things that

411
00:29:25.240 --> 00:29:29.680
<v Speaker 2>we've seen is that our investors are really interested to

412
00:29:31.000 --> 00:29:33.279
<v Speaker 2>stay there, to stay in Mexico and even to go

413
00:29:34.319 --> 00:29:37.400
<v Speaker 2>on the sites and above. As a result of that,

414
00:29:38.960 --> 00:29:41.559
<v Speaker 2>I don't know if you had, but just last year

415
00:29:41.720 --> 00:29:45.359
<v Speaker 2>we bought a company that is complementary to the business

416
00:29:45.440 --> 00:29:49.119
<v Speaker 2>that we do. The company's name is Baha Marine Foods.

417
00:29:49.519 --> 00:29:54.400
<v Speaker 2>It's also there were our neighbors actually in Ensenada, and

418
00:29:54.599 --> 00:29:57.680
<v Speaker 2>for many years there were partners in even processing some

419
00:29:57.839 --> 00:30:02.559
<v Speaker 2>of our fish. Now, as we're sharing with you, obviously

420
00:30:02.759 --> 00:30:07.480
<v Speaker 2>sudd in abundance in the region, as other elements that

421
00:30:07.599 --> 00:30:10.559
<v Speaker 2>we can use as fish milk and fish oil. So

422
00:30:11.039 --> 00:30:14.920
<v Speaker 2>our investors were really interested in trying to get that

423
00:30:16.519 --> 00:30:25.160
<v Speaker 2>footprint wider and obviously to establish more a kind of

424
00:30:25.599 --> 00:30:30.119
<v Speaker 2>company that is not only you know, going on fishing tuna,

425
00:30:30.240 --> 00:30:35.559
<v Speaker 2>but is more on a protein platform in all senses.

426
00:30:35.759 --> 00:30:38.640
<v Speaker 2>And that protein can be tuna, could be fish, milk,

427
00:30:38.680 --> 00:30:42.200
<v Speaker 2>could be fish old, could be omigas, could be many

428
00:30:42.279 --> 00:30:47.480
<v Speaker 2>other things that even for human consumptual. Very soon we

429
00:30:47.559 --> 00:30:50.880
<v Speaker 2>will we will get there. So the company has been

430
00:30:50.920 --> 00:30:57.359
<v Speaker 2>investing a lot on and then Zenada, not only obviously

431
00:30:57.640 --> 00:31:00.880
<v Speaker 2>increasing the gapex and that the knowledge that we have

432
00:31:01.000 --> 00:31:05.079
<v Speaker 2>in our operations but also looking at other complementary business

433
00:31:05.240 --> 00:31:09.200
<v Speaker 2>I think we have now I've seen the company that

434
00:31:09.400 --> 00:31:13.680
<v Speaker 2>is really making a big commitment with the community in Mexico.

435
00:31:13.839 --> 00:31:17.880
<v Speaker 2>The Ensenada community, I think is a great place for

436
00:31:18.039 --> 00:31:21.079
<v Speaker 2>us to be and as a result of that, we

437
00:31:21.200 --> 00:31:23.920
<v Speaker 2>are now in the business of fish meal and fish auto.

438
00:31:26.480 --> 00:31:29.079
<v Speaker 1>Yeah, funny, I was good to ask you. One of

439
00:31:29.119 --> 00:31:31.440
<v Speaker 1>the questions I was going to ask you was about

440
00:31:31.559 --> 00:31:38.880
<v Speaker 1>your investment and buying the acquite in the marine foods.

441
00:31:39.519 --> 00:31:46.720
<v Speaker 1>This is integration, reduced financial risk by stabilizing feed costs,

442
00:31:46.880 --> 00:31:51.039
<v Speaker 1>which are probably one of your largest expenses are the.

443
00:31:52.960 --> 00:31:58.440
<v Speaker 2>Well, as I said, we fish on the sadin fresh

444
00:31:58.920 --> 00:32:02.160
<v Speaker 2>in order to feed the to now. But it happens

445
00:32:02.200 --> 00:32:05.400
<v Speaker 2>to be the case that sometimes we have enough sudin

446
00:32:05.519 --> 00:32:09.440
<v Speaker 2>right that we don't need that saudin anymore at the farm,

447
00:32:10.359 --> 00:32:12.799
<v Speaker 2>and then you still have some saudin on the vessel.

448
00:32:13.000 --> 00:32:18.160
<v Speaker 2>So here the dilemma was can we use that sadin

449
00:32:18.200 --> 00:32:21.960
<v Speaker 2>in a different way, And the answer was yes, right,

450
00:32:22.119 --> 00:32:27.240
<v Speaker 2>So instead of taking that sud into our farm, there

451
00:32:27.319 --> 00:32:32.960
<v Speaker 2>is obviously some other uses that we can give to

452
00:32:33.039 --> 00:32:35.519
<v Speaker 2>the saudin that at the end of the day also

453
00:32:35.680 --> 00:32:39.480
<v Speaker 2>will diversify the portfolio that we have in terms of risk.

454
00:32:40.240 --> 00:32:42.839
<v Speaker 2>Coming to your question, obviously, it is a very smart

455
00:32:42.920 --> 00:32:47.759
<v Speaker 2>way to the risk the company and at the end

456
00:32:47.839 --> 00:32:49.960
<v Speaker 2>of the day have a better use on the Saudi

457
00:32:50.519 --> 00:32:54.200
<v Speaker 2>and then to have this complementary business that goes hand

458
00:32:54.279 --> 00:32:56.799
<v Speaker 2>in hand with the activity that we have, which indeed

459
00:32:56.920 --> 00:33:01.599
<v Speaker 2>is fishing Sudin as well. So Bahamarin was a perfect

460
00:33:01.640 --> 00:33:04.039
<v Speaker 2>fit for all the things that I just described. But

461
00:33:04.200 --> 00:33:06.680
<v Speaker 2>on top of that, we have also a facility over

462
00:33:06.720 --> 00:33:10.200
<v Speaker 2>there that is processing our tuna. The tuna that we

463
00:33:10.359 --> 00:33:16.319
<v Speaker 2>harvest three times a week around the clock is brought

464
00:33:16.319 --> 00:33:20.319
<v Speaker 2>to wins Anada to this facility, and obviously we need

465
00:33:20.440 --> 00:33:24.039
<v Speaker 2>to give take out the gods and do the whole

466
00:33:24.119 --> 00:33:27.119
<v Speaker 2>process of cleaning that fish, putting it into a box.

467
00:33:28.119 --> 00:33:32.039
<v Speaker 2>Now we are going given one step further in terms

468
00:33:32.079 --> 00:33:35.359
<v Speaker 2>of new product development. So we have new processing lines

469
00:33:35.400 --> 00:33:39.960
<v Speaker 2>that are cutting the fish in different portions and trades,

470
00:33:40.039 --> 00:33:44.720
<v Speaker 2>and so we will get a complimentary business by nature

471
00:33:45.119 --> 00:33:49.440
<v Speaker 2>into Bahamarin if we use that facility the right way.

472
00:33:50.160 --> 00:33:51.960
<v Speaker 2>And when you look at the fish mill and the

473
00:33:52.039 --> 00:33:54.440
<v Speaker 2>fish oil, and I will go a bit more on

474
00:33:54.519 --> 00:33:58.119
<v Speaker 2>the fish oil space, there is something that we call

475
00:33:58.440 --> 00:34:01.799
<v Speaker 2>upgrade to human because normally you can use the fish

476
00:34:01.839 --> 00:34:05.359
<v Speaker 2>oil also for pet food and many other things, but

477
00:34:05.519 --> 00:34:10.159
<v Speaker 2>you can also think on fish oil for dha, you

478
00:34:10.239 --> 00:34:12.559
<v Speaker 2>know which you will see it on all the infant

479
00:34:12.599 --> 00:34:17.239
<v Speaker 2>formulas or you will see it also now in adult beverages,

480
00:34:18.159 --> 00:34:22.440
<v Speaker 2>whereby there's a boost of energy to some of the

481
00:34:22.519 --> 00:34:25.440
<v Speaker 2>people that is sixty and above. And you have these

482
00:34:25.559 --> 00:34:29.159
<v Speaker 2>kind of products that are using omigas, dha and many

483
00:34:29.239 --> 00:34:31.519
<v Speaker 2>other things that you can struck from this name Zadi.

484
00:34:32.400 --> 00:34:34.880
<v Speaker 2>So that's the way that I think we would like

485
00:34:35.000 --> 00:34:37.280
<v Speaker 2>to drive the company going.

486
00:34:37.119 --> 00:34:43.119
<v Speaker 1>Forward really good, really good. Beyond direct employment, how has

487
00:34:43.280 --> 00:34:49.039
<v Speaker 1>the presence of our world class aquaculture facility influenced the

488
00:34:49.119 --> 00:34:55.400
<v Speaker 1>local economy and the technical skull set of the coastal workforce.

489
00:34:57.599 --> 00:35:00.800
<v Speaker 2>Yes, I think it's having a big impact. In general.

490
00:35:02.320 --> 00:35:07.119
<v Speaker 2>We obviously employed people from the region. Whenever needed, we

491
00:35:07.320 --> 00:35:11.280
<v Speaker 2>bring experts from abroad because sometimes you need people that

492
00:35:11.679 --> 00:35:14.960
<v Speaker 2>has been there already or is having a deeper knowledge

493
00:35:15.000 --> 00:35:18.119
<v Speaker 2>on some specific things. So this is how we bring

494
00:35:18.239 --> 00:35:22.840
<v Speaker 2>people from Peru, from Chile, from many other places, just

495
00:35:22.920 --> 00:35:26.199
<v Speaker 2>to make sure that these knowledge is passed to the

496
00:35:26.320 --> 00:35:31.920
<v Speaker 2>next generation. And that's next generation is people from Mexico

497
00:35:32.079 --> 00:35:35.440
<v Speaker 2>which is already working with us. We are very proud

498
00:35:35.559 --> 00:35:38.719
<v Speaker 2>to be a company that is well recognized for local

499
00:35:38.800 --> 00:35:43.360
<v Speaker 2>employment and local development with the communities. So our corporate

500
00:35:43.480 --> 00:35:48.480
<v Speaker 2>social responsibility goes beyond the fact that we employ local people,

501
00:35:48.639 --> 00:35:51.000
<v Speaker 2>but we do many other activities around.

502
00:35:55.559 --> 00:35:58.360
<v Speaker 1>How do you ensure that the growth of our global

503
00:35:58.519 --> 00:36:03.320
<v Speaker 1>brand doesn't cut at the expense of local resources or

504
00:36:03.400 --> 00:36:07.519
<v Speaker 1>small scale pushing traditions.

505
00:36:10.000 --> 00:36:16.639
<v Speaker 2>Well, listen, there is always this line right between the

506
00:36:16.960 --> 00:36:22.159
<v Speaker 2>local fishermen or even the tessenal fishing that we have

507
00:36:22.360 --> 00:36:27.039
<v Speaker 2>also in Ensenada, and the big names or the big companies,

508
00:36:27.159 --> 00:36:31.199
<v Speaker 2>because we are not the only one, of course, to

509
00:36:31.360 --> 00:36:34.559
<v Speaker 2>be very honest with you, this is something that we've

510
00:36:34.599 --> 00:36:40.639
<v Speaker 2>been working with the authorities already for many years. One

511
00:36:40.719 --> 00:36:45.119
<v Speaker 2>of the main things that we've been promotely promoting, sorry

512
00:36:45.880 --> 00:36:53.079
<v Speaker 2>and even pushing very hot, is to draw these marks

513
00:36:53.440 --> 00:36:57.159
<v Speaker 2>on the bay and on the coastal area whereby we

514
00:36:57.360 --> 00:37:02.360
<v Speaker 2>know the local communities are fishing, and we normally don't

515
00:37:02.400 --> 00:37:07.280
<v Speaker 2>go there because otherwise you will disrupt the activity that

516
00:37:08.000 --> 00:37:12.480
<v Speaker 2>they have. So without having a document signed with them,

517
00:37:13.239 --> 00:37:15.639
<v Speaker 2>we respect a lot to each other, and I think

518
00:37:15.880 --> 00:37:18.480
<v Speaker 2>that's the beauty of having a community, right to work

519
00:37:18.519 --> 00:37:22.599
<v Speaker 2>as one. There's a space for everyone, and the ocean

520
00:37:22.719 --> 00:37:26.599
<v Speaker 2>is big enough for everyone to do their own activity

521
00:37:26.880 --> 00:37:32.039
<v Speaker 2>without having any friction. So we respect a lot of

522
00:37:32.079 --> 00:37:34.920
<v Speaker 2>the local communities, and we've been working with the authorities

523
00:37:35.079 --> 00:37:38.679
<v Speaker 2>ready for many many years to even plot those areas

524
00:37:38.960 --> 00:37:43.400
<v Speaker 2>on the raiders of our ships, so our ships normally

525
00:37:43.480 --> 00:37:49.559
<v Speaker 2>will never go to those areas as many other areas

526
00:37:49.599 --> 00:37:51.840
<v Speaker 2>that you have now in Mexico, because as you know,

527
00:37:52.480 --> 00:37:55.599
<v Speaker 2>Mexico as a country has also a big promoter of

528
00:37:55.880 --> 00:37:59.880
<v Speaker 2>the reserve areas of fishing or natural reserve areas of

529
00:38:00.079 --> 00:38:04.760
<v Speaker 2>fishing and have signed many international agreements and commitments not

530
00:38:04.880 --> 00:38:06.480
<v Speaker 2>to fish in a specific places.

531
00:38:09.039 --> 00:38:12.880
<v Speaker 1>Okay, yeah, it's to look ahead. How do you see

532
00:38:13.000 --> 00:38:18.800
<v Speaker 1>the relationship between global seafood market and coastal communities changing

533
00:38:19.039 --> 00:38:20.880
<v Speaker 1>over the next number of years.

534
00:38:24.079 --> 00:38:27.840
<v Speaker 2>Well, I think that if we are smart enough both right,

535
00:38:28.880 --> 00:38:34.400
<v Speaker 2>we should find a way to have a space and

536
00:38:34.480 --> 00:38:38.760
<v Speaker 2>the consumer both. And I think that's the case today

537
00:38:40.199 --> 00:38:45.320
<v Speaker 2>in case of of our fish. Whenever you go to

538
00:38:46.039 --> 00:38:51.599
<v Speaker 2>even market, you will see label over there wildfish, which

539
00:38:51.679 --> 00:38:54.679
<v Speaker 2>is normally coming from their testle fishing or the type

540
00:38:54.679 --> 00:38:58.119
<v Speaker 2>of fishery that you are describing. You will see also

541
00:38:58.639 --> 00:39:01.280
<v Speaker 2>farm fish, and that's the main level that you see

542
00:39:01.320 --> 00:39:04.039
<v Speaker 2>between one and the other one. Obviously there is a

543
00:39:04.119 --> 00:39:07.239
<v Speaker 2>big price difference between one and the other one because

544
00:39:07.280 --> 00:39:10.920
<v Speaker 2>it is having completely different attributes, mainly the fat and

545
00:39:11.039 --> 00:39:14.000
<v Speaker 2>the time that it was lapped for one fish and

546
00:39:14.079 --> 00:39:17.840
<v Speaker 2>the other one to come finally to the consumer. But

547
00:39:17.960 --> 00:39:20.079
<v Speaker 2>at the end of the day, I think there's consumer

548
00:39:20.159 --> 00:39:24.280
<v Speaker 2>for both. Right, so you will see the consumer or

549
00:39:24.400 --> 00:39:27.320
<v Speaker 2>some of the consumers are interested molt on a wildfish

550
00:39:27.760 --> 00:39:30.920
<v Speaker 2>for whatever reason. It is even the appliances that they get,

551
00:39:32.599 --> 00:39:35.639
<v Speaker 2>and there is some other consumers. Is that the consumers

552
00:39:35.679 --> 00:39:38.639
<v Speaker 2>that are interested in our fish because they are looking

553
00:39:38.679 --> 00:39:41.599
<v Speaker 2>for different type of attributes. And as I was saying,

554
00:39:41.800 --> 00:39:45.360
<v Speaker 2>if we are smart enough, both of us, I think

555
00:39:45.440 --> 00:39:50.360
<v Speaker 2>we should just keep on driving that dynamic going forward,

556
00:39:51.039 --> 00:39:54.119
<v Speaker 2>respecting a lot of what we do, knowing that there

557
00:39:54.239 --> 00:39:58.400
<v Speaker 2>is place for both. And I think we shouldn't be

558
00:39:58.760 --> 00:40:01.119
<v Speaker 2>thinking that one is and then the other one is

559
00:40:01.320 --> 00:40:04.639
<v Speaker 2>just the different elements that you have in a consumer

560
00:40:04.760 --> 00:40:10.199
<v Speaker 2>basis that obviously you can do what you do in

561
00:40:10.280 --> 00:40:13.960
<v Speaker 2>the best possible ways, and there is always going to

562
00:40:14.039 --> 00:40:16.440
<v Speaker 2>be one for you to pick, right.

563
00:40:17.440 --> 00:40:21.840
<v Speaker 1>Yeah, you know when you said that, Manuel I was

564
00:40:21.920 --> 00:40:25.880
<v Speaker 1>just my our son. One of our sons is and

565
00:40:26.320 --> 00:40:31.159
<v Speaker 1>lives in Australia, and it's only when we started going

566
00:40:31.440 --> 00:40:34.960
<v Speaker 1>and visiting them that I it's the first time I've

567
00:40:35.039 --> 00:40:39.960
<v Speaker 1>ever seen it. You might see it's common, but I

568
00:40:40.119 --> 00:40:41.920
<v Speaker 1>just picked up and when you were saying a bit

569
00:40:42.039 --> 00:40:48.960
<v Speaker 1>wild un farmed on a menu in Australia, they tell

570
00:40:49.079 --> 00:40:52.280
<v Speaker 1>you on the menu if it's wild or farmed. And

571
00:40:52.360 --> 00:40:59.679
<v Speaker 1>I think it's fantastic, Yes, yes, absolutely, because everybody can

572
00:40:59.760 --> 00:41:02.159
<v Speaker 1>just what works for them.

573
00:41:03.960 --> 00:41:06.280
<v Speaker 2>Yeah, at the end of the day, consumer is always

574
00:41:06.320 --> 00:41:10.920
<v Speaker 2>having the last word on everything, right, So we just

575
00:41:11.039 --> 00:41:14.760
<v Speaker 2>need to give the choices to consumer and do our

576
00:41:14.920 --> 00:41:17.800
<v Speaker 2>best to make sure that that the end of consumer

577
00:41:17.920 --> 00:41:21.159
<v Speaker 2>is well informed and that they are the one speaking

578
00:41:21.239 --> 00:41:22.079
<v Speaker 2>one or the other one.

579
00:41:24.079 --> 00:41:26.280
<v Speaker 1>Yeah, when you were talking about the consumer, is there

580
00:41:26.320 --> 00:41:31.480
<v Speaker 1>anything you will wish the average consumer understood about the journey,

581
00:41:32.039 --> 00:41:35.480
<v Speaker 1>say of a blue and tuna from the waters of

582
00:41:35.719 --> 00:41:41.440
<v Speaker 1>Baka to their dinner plate, anything that you feel.

583
00:41:41.239 --> 00:41:46.360
<v Speaker 2>That well there is. There is always this misinformation right

584
00:41:46.719 --> 00:41:53.159
<v Speaker 2>about bluefeing going extinguished because of the big companies of fishing,

585
00:41:53.280 --> 00:41:57.159
<v Speaker 2>and so that is not the case already for many

586
00:41:57.239 --> 00:42:01.199
<v Speaker 2>many years. I think we are one of the few

587
00:42:01.320 --> 00:42:06.559
<v Speaker 2>stories around the world whereby in nature, the commitment of

588
00:42:06.679 --> 00:42:12.280
<v Speaker 2>the companies, the scientific community, and all regulators including the

589
00:42:12.360 --> 00:42:16.440
<v Speaker 2>governments of all the countries starting from Mexico, the US,

590
00:42:16.559 --> 00:42:20.719
<v Speaker 2>Japan and many others, they were really in agreement to

591
00:42:20.880 --> 00:42:26.000
<v Speaker 2>do something right. And the result of that was that

592
00:42:26.239 --> 00:42:30.559
<v Speaker 2>last year, instead of waiting for another five years to

593
00:42:30.679 --> 00:42:34.639
<v Speaker 2>achieve the objectives that were set, we achieved them last year.

594
00:42:34.960 --> 00:42:37.519
<v Speaker 2>And as a result of that we got the first

595
00:42:38.480 --> 00:42:44.079
<v Speaker 2>small increase on the quota because after all these scientific

596
00:42:44.480 --> 00:42:47.519
<v Speaker 2>evaluation then they came up with a result that it

597
00:42:47.719 --> 00:42:51.920
<v Speaker 2>was showing that abundance of the bluefin is back into

598
00:42:52.000 --> 00:42:55.400
<v Speaker 2>the ocean. So there is very few spieces around the

599
00:42:55.480 --> 00:42:58.199
<v Speaker 2>world that can't actually say or tell a story as

600
00:42:58.280 --> 00:43:00.960
<v Speaker 2>compelling as the one that we have in blue Fin.

601
00:43:02.320 --> 00:43:05.599
<v Speaker 2>The result of that, over the last twenty years, many

602
00:43:05.719 --> 00:43:10.599
<v Speaker 2>companies die in between. Right, Most of the companies didn't

603
00:43:10.639 --> 00:43:15.360
<v Speaker 2>survive that thing. And why they didn't survive because there

604
00:43:15.519 --> 00:43:18.880
<v Speaker 2>was obviously a quota given with a minimum amount of

605
00:43:19.000 --> 00:43:23.159
<v Speaker 2>fish that you could get right. So, and here I

606
00:43:23.239 --> 00:43:27.320
<v Speaker 2>think the big learning for everyone is that sometimes you

607
00:43:27.480 --> 00:43:32.280
<v Speaker 2>want big gains right small investments turn it into big

608
00:43:32.360 --> 00:43:35.679
<v Speaker 2>capital just from one day to the next one. This

609
00:43:35.880 --> 00:43:38.599
<v Speaker 2>is not an industry what you would do something like

610
00:43:39.800 --> 00:43:41.920
<v Speaker 2>if your mindset is that, then you should better go

611
00:43:42.039 --> 00:43:48.239
<v Speaker 2>to different a different industry. But nobody here takes time,

612
00:43:48.480 --> 00:43:50.920
<v Speaker 2>right even to grow the first, to see how the

613
00:43:51.000 --> 00:43:54.119
<v Speaker 2>first is evolving and then to get that quote increase

614
00:43:54.239 --> 00:43:58.960
<v Speaker 2>have taken a lot of time. And that thing goes

615
00:43:59.039 --> 00:44:02.960
<v Speaker 2>with the mindset of person that really thinks on long

616
00:44:03.039 --> 00:44:07.519
<v Speaker 2>term instead of short that really thinks on how to

617
00:44:07.599 --> 00:44:10.639
<v Speaker 2>give the best product to consumer, and really thinks on

618
00:44:10.840 --> 00:44:15.280
<v Speaker 2>how to be really sustainable in nature, not just by saying.

619
00:44:15.039 --> 00:44:22.760
<v Speaker 1>It okay, okay and lead twenty twenty three, or just

620
00:44:23.320 --> 00:44:28.840
<v Speaker 1>a few years ago a major consortiums acquired a majority

621
00:44:29.000 --> 00:44:35.239
<v Speaker 1>stick and back Acroa Farms. What specific operational expertise have

622
00:44:35.400 --> 00:44:40.159
<v Speaker 1>these global investors brought to the table to drive your

623
00:44:40.320 --> 00:44:41.320
<v Speaker 1>growth strategy?

624
00:44:43.719 --> 00:44:46.800
<v Speaker 2>Well, it's fascinating. So some of the people sometimes ask

625
00:44:46.880 --> 00:44:49.440
<v Speaker 2>me that question, and they're asking me, like Manuel, how

626
00:44:49.480 --> 00:44:51.360
<v Speaker 2>do you deal with all of them at the same

627
00:44:51.440 --> 00:44:54.320
<v Speaker 2>time as you can imagine you are on a board

628
00:44:54.599 --> 00:44:58.559
<v Speaker 2>of big number of people the smarter than you to

629
00:44:58.679 --> 00:45:02.599
<v Speaker 2>start with, and I have in front of me sometimes

630
00:45:02.679 --> 00:45:05.960
<v Speaker 2>twenty twenty five people in front of me and asking

631
00:45:06.039 --> 00:45:09.840
<v Speaker 2>all these sort of smart questions and trick questions and

632
00:45:11.400 --> 00:45:16.960
<v Speaker 2>very intelligent questions, pushing me really to the edge, which

633
00:45:17.039 --> 00:45:22.599
<v Speaker 2>is fascinating. Honestly speaking, It is fascinating because coming back

634
00:45:22.639 --> 00:45:27.280
<v Speaker 2>to your question and the answer, to have a vast

635
00:45:27.480 --> 00:45:30.760
<v Speaker 2>group of people that is having these kind of experience,

636
00:45:31.119 --> 00:45:35.760
<v Speaker 2>many of them going on agriculture and obviously other type

637
00:45:35.760 --> 00:45:40.480
<v Speaker 2>of business development. It is at the end of the day,

638
00:45:40.719 --> 00:45:44.840
<v Speaker 2>giving me a vast array of expertise and people that

639
00:45:45.000 --> 00:45:50.800
<v Speaker 2>I can take and pick up from the different projects

640
00:45:50.840 --> 00:45:53.199
<v Speaker 2>that we have and from the different problems that we

641
00:45:53.320 --> 00:45:59.920
<v Speaker 2>face sometimes. So I can tell you that specifically Continent

642
00:46:00.280 --> 00:46:04.280
<v Speaker 2>Brain EGI called TIBA are probably the three major ones

643
00:46:04.360 --> 00:46:08.440
<v Speaker 2>that are coming with these expertise, one in agriculture, the

644
00:46:08.559 --> 00:46:12.320
<v Speaker 2>other one in general in logistics, the other one in

645
00:46:12.480 --> 00:46:17.320
<v Speaker 2>general also on the agro in Mexico. And you know,

646
00:46:17.599 --> 00:46:20.920
<v Speaker 2>is fascinating just to have that kind of people with you.

647
00:46:22.199 --> 00:46:25.039
<v Speaker 2>Obviously it's challenging for the reasons that I explained, but

648
00:46:25.760 --> 00:46:29.199
<v Speaker 2>I really love it. Whenever I have a problem, I

649
00:46:29.400 --> 00:46:31.679
<v Speaker 2>define the problem with the nature and then I know

650
00:46:32.480 --> 00:46:35.280
<v Speaker 2>who is the right person to talk to, and I

651
00:46:35.400 --> 00:46:37.360
<v Speaker 2>think that's the beauty to have a boat with these

652
00:46:37.440 --> 00:46:40.159
<v Speaker 2>kind of people. I must also say that we also

653
00:46:40.280 --> 00:46:45.320
<v Speaker 2>have on the boat still two of the main instrumental

654
00:46:45.440 --> 00:46:49.679
<v Speaker 2>people that were with us from the very beginning in

655
00:46:49.760 --> 00:46:55.079
<v Speaker 2>the company. We call them the founders, but indeed they

656
00:46:55.119 --> 00:46:58.639
<v Speaker 2>were there after the first people who started the company,

657
00:46:58.679 --> 00:47:01.400
<v Speaker 2>but they were the ones really reshape the company the

658
00:47:01.480 --> 00:47:04.599
<v Speaker 2>way that it is today. One is from Iceland and

659
00:47:04.679 --> 00:47:08.039
<v Speaker 2>the other one is Mexican. And these two gentlemen they

660
00:47:08.079 --> 00:47:12.599
<v Speaker 2>are still there. And the board also nurturing the conversation,

661
00:47:13.079 --> 00:47:16.719
<v Speaker 2>challenging me but also being that nice year that you

662
00:47:16.840 --> 00:47:19.159
<v Speaker 2>can have when you don't know what you do and

663
00:47:19.280 --> 00:47:25.039
<v Speaker 2>then you have someone that has been there before able

664
00:47:25.199 --> 00:47:29.079
<v Speaker 2>to help and here and mostly give you the best

665
00:47:29.119 --> 00:47:33.159
<v Speaker 2>advice in the best interest. So I really love it,

666
00:47:33.639 --> 00:47:36.239
<v Speaker 2>you know, the fact that we have that type of

667
00:47:36.920 --> 00:47:40.239
<v Speaker 2>board and investors. It gives a new dynamic to the

668
00:47:40.280 --> 00:47:44.480
<v Speaker 2>whole company because it respects the value of where we

669
00:47:44.679 --> 00:47:49.480
<v Speaker 2>came here. And it also propels the company to be

670
00:47:49.599 --> 00:47:53.360
<v Speaker 2>obviously a big corporate and then to keep on growing

671
00:47:53.480 --> 00:47:54.159
<v Speaker 2>the way that we do.

672
00:47:57.760 --> 00:47:59.280
<v Speaker 1>So you're in a good place.

673
00:48:01.280 --> 00:48:02.960
<v Speaker 2>Yes, I cannot complain at all.

674
00:48:04.440 --> 00:48:11.400
<v Speaker 1>Good. It great. The global farm Plufen market is recovering

675
00:48:11.519 --> 00:48:14.760
<v Speaker 1>from the price crash in twenty twenty four where the

676
00:48:14.880 --> 00:48:20.320
<v Speaker 1>Mediterranean prices plummeted due to weak demand. How did bacha

677
00:48:20.440 --> 00:48:26.360
<v Speaker 1>Acra Farm's weather that storm and how have you adjusted

678
00:48:26.440 --> 00:48:31.880
<v Speaker 1>your financial hedge in to protect against similar future potility.

679
00:48:33.159 --> 00:48:40.320
<v Speaker 2>Well, it's very difficult to hedge against that as honestly,

680
00:48:41.199 --> 00:48:43.599
<v Speaker 2>I can tell you that the answer is no, No,

681
00:48:44.000 --> 00:48:47.440
<v Speaker 2>we did it. It's very complicated that you hedge for

682
00:48:47.599 --> 00:48:50.880
<v Speaker 2>something like this, especially if you don't know where the

683
00:48:50.960 --> 00:48:54.760
<v Speaker 2>price will go. Right, and we were having so much

684
00:48:54.800 --> 00:48:58.559
<v Speaker 2>biomass on the water. I can tell you we are

685
00:48:58.599 --> 00:49:00.800
<v Speaker 2>a big farm and we were a lot of fish

686
00:49:00.840 --> 00:49:03.840
<v Speaker 2>in the water when that thing happened. Obviously we were

687
00:49:03.920 --> 00:49:06.679
<v Speaker 2>optimistic about the future, but at the end of the day,

688
00:49:06.719 --> 00:49:09.320
<v Speaker 2>you're seeing that prices are going down, that's probably not

689
00:49:09.440 --> 00:49:14.280
<v Speaker 2>the best place to be. So no, we didn't. There

690
00:49:14.400 --> 00:49:17.679
<v Speaker 2>was no way for us to act probably different in

691
00:49:17.760 --> 00:49:20.639
<v Speaker 2>a way, and I have thought about these many manys.

692
00:49:21.719 --> 00:49:26.840
<v Speaker 2>So talking to obviously the investors and the way that

693
00:49:27.000 --> 00:49:29.760
<v Speaker 2>the outlook was there, we knew that it would be

694
00:49:29.840 --> 00:49:34.320
<v Speaker 2>a difficult year. We knew that we had to continue

695
00:49:34.400 --> 00:49:39.599
<v Speaker 2>being consistent with what the company was building at that time,

696
00:49:40.239 --> 00:49:42.960
<v Speaker 2>and as I told you, the strength of the company

697
00:49:43.480 --> 00:49:47.320
<v Speaker 2>went really on differentiating the product from the rest. So

698
00:49:47.480 --> 00:49:50.079
<v Speaker 2>we knew that that investment will pay off at the

699
00:49:50.239 --> 00:49:53.039
<v Speaker 2>end of the day, because if we were to have

700
00:49:53.880 --> 00:49:57.199
<v Speaker 2>a more consistent fish, a more consistent color, a more

701
00:49:57.320 --> 00:50:02.840
<v Speaker 2>consistent way of being so sustainable, more consistent way of

702
00:50:03.000 --> 00:50:07.159
<v Speaker 2>feeding the tuna, and we were building on every single

703
00:50:07.280 --> 00:50:10.280
<v Speaker 2>line of those capacities, at the end of the day,

704
00:50:10.360 --> 00:50:15.960
<v Speaker 2>we would be in a better place. Now. I'm glad

705
00:50:16.000 --> 00:50:19.079
<v Speaker 2>to say that that proved to be true. Right, twenty

706
00:50:19.159 --> 00:50:22.440
<v Speaker 2>twenty five was a completely different year for us, much

707
00:50:22.599 --> 00:50:26.519
<v Speaker 2>much better. And I am not complaining about twenty twenty

708
00:50:26.559 --> 00:50:28.639
<v Speaker 2>four by the way. I'm just saying that it was

709
00:50:28.679 --> 00:50:31.079
<v Speaker 2>a tough year. But at the end of the day,

710
00:50:31.760 --> 00:50:34.039
<v Speaker 2>I think the key learnings here is that if you

711
00:50:34.119 --> 00:50:37.880
<v Speaker 2>are consistent on your long term strategy, you might have

712
00:50:38.719 --> 00:50:41.519
<v Speaker 2>a bad year or rainy season, that the end of

713
00:50:41.519 --> 00:50:44.559
<v Speaker 2>the day, you keep on building on those strengths, then

714
00:50:44.639 --> 00:50:48.519
<v Speaker 2>you will be getting a better year on the following

715
00:50:48.639 --> 00:50:49.599
<v Speaker 2>one for sure.

716
00:50:51.920 --> 00:50:54.239
<v Speaker 1>No, that's that's very good.

717
00:50:54.280 --> 00:50:54.679
<v Speaker 2>That just.

718
00:50:56.280 --> 00:51:04.760
<v Speaker 1>Tells us that it's a very professional run. Operations. Credit

719
00:51:04.880 --> 00:51:07.519
<v Speaker 1>to you on that that just comes luded clear.

720
00:51:11.159 --> 00:51:13.280
<v Speaker 2>Yeah, well, we we are trying, we are trying to

721
00:51:13.400 --> 00:51:17.800
<v Speaker 2>do our best and that and yeah saying those values

722
00:51:17.840 --> 00:51:23.119
<v Speaker 2>are also coming from from before even h. We have

723
00:51:23.280 --> 00:51:26.760
<v Speaker 2>this this change on dynamic on the on the company

724
00:51:26.800 --> 00:51:27.440
<v Speaker 2>a few years ago.

725
00:51:29.159 --> 00:51:37.639
<v Speaker 1>Yep, the as a saying we have here Manuel, when

726
00:51:37.719 --> 00:51:44.199
<v Speaker 1>the going gets tough, the tough get going, kay.

727
00:51:45.599 --> 00:51:45.639
<v Speaker 2>H.

728
00:51:46.719 --> 00:51:51.679
<v Speaker 1>And that seems to sum up your situation. You just dig,

729
00:51:51.920 --> 00:51:54.480
<v Speaker 1>you just dig and then get on with it.

730
00:51:56.079 --> 00:51:59.800
<v Speaker 2>Well, the island is on the fishing industry, honestly, the

731
00:52:00.400 --> 00:52:06.599
<v Speaker 2>nothing comes easy here. Yeah. I mean, I'm blessed to

732
00:52:07.000 --> 00:52:10.079
<v Speaker 2>be in this place, honestly, and I love what I do.

733
00:52:11.119 --> 00:52:16.239
<v Speaker 2>But nothing comes easy, that's for sure. So it's really

734
00:52:16.320 --> 00:52:18.639
<v Speaker 2>for the type of people that wants to be here

735
00:52:18.639 --> 00:52:22.800
<v Speaker 2>in the long run. And it's really the type of

736
00:52:22.880 --> 00:52:27.760
<v Speaker 2>people that really loves this type of adrenaline of also

737
00:52:29.119 --> 00:52:31.760
<v Speaker 2>knowing that you really need to work hard to get

738
00:52:31.800 --> 00:52:32.119
<v Speaker 2>it done.

739
00:52:34.639 --> 00:52:39.440
<v Speaker 1>Yeah. I would be known if just hypothetical, I know,

740
00:52:39.920 --> 00:52:45.239
<v Speaker 1>if Japan's market share sashimi grill tune were to decline

741
00:52:45.440 --> 00:52:51.639
<v Speaker 1>and maybe consumers to a high praise sensitivity, which I

742
00:52:51.719 --> 00:52:54.599
<v Speaker 1>don't think is a case, could there be a shift

743
00:52:54.800 --> 00:52:56.920
<v Speaker 1>towards the US market.

744
00:52:57.760 --> 00:53:03.599
<v Speaker 2>That already happened, Jim, Yes, do you know these new

745
00:53:03.760 --> 00:53:12.280
<v Speaker 2>generations are behaving differently right, So as you know, aging

746
00:53:12.360 --> 00:53:18.519
<v Speaker 2>population in Japan is high, new population in Japan is

747
00:53:19.639 --> 00:53:23.559
<v Speaker 2>with different type of behaviors. So consumption in general in Japan,

748
00:53:23.639 --> 00:53:26.039
<v Speaker 2>if you look at the economics, is going down for

749
00:53:26.280 --> 00:53:31.599
<v Speaker 2>several years already and as a result of that, we

750
00:53:31.800 --> 00:53:35.440
<v Speaker 2>pick up at the right time to develop all the markets.

751
00:53:36.159 --> 00:53:39.440
<v Speaker 2>I can tell you that five years ago, ninety percent

752
00:53:39.519 --> 00:53:43.840
<v Speaker 2>of our cells were in Japan. Today only ten percent

753
00:53:43.920 --> 00:53:45.400
<v Speaker 2>of our sales are on in Japan.

754
00:53:48.679 --> 00:53:51.519
<v Speaker 1>Yes, that's a big, big shift.

755
00:53:52.440 --> 00:54:00.440
<v Speaker 2>Yes, yes, yes, yes, so yes, And you know necessity

756
00:54:00.559 --> 00:54:03.239
<v Speaker 2>right when you see obviously the opportunity, but also the

757
00:54:03.360 --> 00:54:05.760
<v Speaker 2>need when you are in a market that you see

758
00:54:05.840 --> 00:54:11.480
<v Speaker 2>that every year is much more complicated to differentiate your product,

759
00:54:11.559 --> 00:54:15.360
<v Speaker 2>to position your product well, to be in a space

760
00:54:15.400 --> 00:54:17.760
<v Speaker 2>where you are along with consumer, where you have the

761
00:54:17.840 --> 00:54:23.280
<v Speaker 2>recognition also from consumer on your brand, then that might

762
00:54:23.360 --> 00:54:25.239
<v Speaker 2>not be the best place to be. Then you need

763
00:54:25.320 --> 00:54:28.920
<v Speaker 2>to find higher graft, right, and that push companies to move,

764
00:54:29.039 --> 00:54:32.239
<v Speaker 2>and that was our case and we found better places

765
00:54:32.280 --> 00:54:36.360
<v Speaker 2>to move. And now obviously we see what is happening

766
00:54:36.440 --> 00:54:39.239
<v Speaker 2>in Japan, but we see it now with different eyes.

767
00:54:39.400 --> 00:54:42.599
<v Speaker 2>Still is a very important market for us because it

768
00:54:42.639 --> 00:54:47.719
<v Speaker 2>will always be is the mecca of tuna. What I

769
00:54:47.760 --> 00:54:50.559
<v Speaker 2>we like it or not so, But at the end

770
00:54:50.639 --> 00:54:56.039
<v Speaker 2>of the day, in terms of sales impact, I can

771
00:54:56.119 --> 00:54:58.559
<v Speaker 2>tell you that there is only a very little portion

772
00:54:58.760 --> 00:55:03.880
<v Speaker 2>of our P and L that is impacted by japan

773
00:55:04.719 --> 00:55:10.800
<v Speaker 2>prices and demand. So and yet we really need to

774
00:55:10.840 --> 00:55:14.440
<v Speaker 2>develop the consumer some other places around the world. You know,

775
00:55:14.760 --> 00:55:20.920
<v Speaker 2>this keep thing keeps evolving. I study at the University

776
00:55:21.000 --> 00:55:24.960
<v Speaker 2>of Chicago, and I had this professor, which, by the way,

777
00:55:26.199 --> 00:55:29.320
<v Speaker 2>later on he won an over Prize of Economy. His

778
00:55:29.480 --> 00:55:32.840
<v Speaker 2>name is Richard Taylor, and he wrote his wonderful book

779
00:55:32.960 --> 00:55:38.280
<v Speaker 2>The Notch So I had really the opportunity to be

780
00:55:38.440 --> 00:55:41.480
<v Speaker 2>with him and to learn from him. It's my professor.

781
00:55:41.599 --> 00:55:46.880
<v Speaker 2>He was all the time telling me that consumers are

782
00:55:47.000 --> 00:55:53.320
<v Speaker 2>following something that is called Heisenberg principle, which is quantum physics, right,

783
00:55:54.000 --> 00:56:00.239
<v Speaker 2>And what it is saying is that the only the

784
00:56:00.400 --> 00:56:06.400
<v Speaker 2>mirror impulse of trying to measure the exact position of

785
00:56:06.519 --> 00:56:10.760
<v Speaker 2>a particle in the space, just by trying to do it,

786
00:56:12.000 --> 00:56:16.119
<v Speaker 2>the intention of measuring it will move that particle to

787
00:56:16.280 --> 00:56:19.360
<v Speaker 2>a different position, so you will never get it right. Right,

788
00:56:20.639 --> 00:56:22.679
<v Speaker 2>And he was all the time telling us exactly that

789
00:56:22.960 --> 00:56:27.079
<v Speaker 2>that's consumer. Whenever you think you know where the consumer is,

790
00:56:27.840 --> 00:56:30.760
<v Speaker 2>it is alway moving to another space. And that's why

791
00:56:30.880 --> 00:56:33.679
<v Speaker 2>I need to notch consumer right. That's why they called

792
00:56:34.039 --> 00:56:36.239
<v Speaker 2>the book is the book is called the nuts. But

793
00:56:37.559 --> 00:56:40.440
<v Speaker 2>that's exactly what is happening today. You know, before we

794
00:56:40.559 --> 00:56:45.039
<v Speaker 2>were having consumers that were worried about quality and sustainability,

795
00:56:45.360 --> 00:56:49.559
<v Speaker 2>and then we were having consumers that were worried about

796
00:56:49.599 --> 00:56:54.000
<v Speaker 2>the experience, right we were having Now we have consumers

797
00:56:54.039 --> 00:56:58.639
<v Speaker 2>that are worried about embodying the brand as I define it.

798
00:56:59.679 --> 00:56:59.800
<v Speaker 1>Uh.

799
00:57:00.039 --> 00:57:03.039
<v Speaker 2>And if you look at histogram, TikTok and all different

800
00:57:03.079 --> 00:57:07.400
<v Speaker 2>sources of social media, then you have consumers that want

801
00:57:07.480 --> 00:57:10.920
<v Speaker 2>to be represented by a brand that's a different thing.

802
00:57:11.360 --> 00:57:15.559
<v Speaker 2>That's what I call embodying the brand. So this brand

803
00:57:15.679 --> 00:57:20.199
<v Speaker 2>defines me as a consumer. And because these brand defines

804
00:57:20.320 --> 00:57:23.360
<v Speaker 2>me as a consumer not only because of the experience

805
00:57:23.440 --> 00:57:25.480
<v Speaker 2>and the values and the way that it behaves, but

806
00:57:25.920 --> 00:57:29.920
<v Speaker 2>because of many of the other things that are related

807
00:57:30.039 --> 00:57:33.679
<v Speaker 2>to me, then I decide to be with this company

808
00:57:33.760 --> 00:57:37.599
<v Speaker 2>and this brand and this product that is happening today.

809
00:57:37.719 --> 00:57:41.480
<v Speaker 2>So really the game now is how to be in

810
00:57:41.599 --> 00:57:44.519
<v Speaker 2>that space again with that consumer that is looking for

811
00:57:44.679 --> 00:57:46.519
<v Speaker 2>all these things together at the same time.

812
00:57:48.400 --> 00:57:49.360
<v Speaker 1>That's fascinating.

813
00:57:51.519 --> 00:57:51.679
<v Speaker 2>You know.

814
00:57:52.400 --> 00:57:58.119
<v Speaker 1>I admire ear honesty as well. Manuel, And I was

815
00:57:58.199 --> 00:58:02.320
<v Speaker 1>just thinking when you first started talking on this point

816
00:58:02.880 --> 00:58:11.280
<v Speaker 1>and you mentioned necessity, Well, my dear old late mother

817
00:58:12.480 --> 00:58:16.199
<v Speaker 1>used to have a great saying she used, necessity is

818
00:58:16.280 --> 00:58:17.719
<v Speaker 1>the mother of invention.

819
00:58:18.599 --> 00:58:23.360
<v Speaker 2>Yeah. Absolutely, I love it, absolutely absolutely.

820
00:58:24.840 --> 00:58:32.960
<v Speaker 1>As a Mexican based company's exporting globally, how do fluctuations

821
00:58:33.280 --> 00:58:38.440
<v Speaker 1>in say the Mexican peso against the US dollar and

822
00:58:38.599 --> 00:58:42.760
<v Speaker 1>Japanese yen impact your overall profitability?

823
00:58:44.199 --> 00:58:47.280
<v Speaker 2>Yeah, we we have an impact because all the operations

824
00:58:47.320 --> 00:58:53.320
<v Speaker 2>are in Mexico. If you saw, probably the last four years,

825
00:58:54.159 --> 00:58:58.079
<v Speaker 2>Mexican peso was strong, so we were actually having a

826
00:58:58.159 --> 00:59:01.199
<v Speaker 2>benefit out of that. Then last year we had a

827
00:59:01.280 --> 00:59:06.000
<v Speaker 2>vessel that it was fluctuating a lot, and then you

828
00:59:06.159 --> 00:59:11.519
<v Speaker 2>see a pesto again this year that is strengthening going

829
00:59:11.599 --> 00:59:15.119
<v Speaker 2>a bit up and down. Generally speaking, when you are

830
00:59:15.159 --> 00:59:17.800
<v Speaker 2>really here for long term gym and you have all

831
00:59:17.880 --> 00:59:23.679
<v Speaker 2>your operation here in Mexico, I mean there's no really

832
00:59:24.199 --> 00:59:27.199
<v Speaker 2>a hetch that you can do against PESO that will

833
00:59:27.320 --> 00:59:32.480
<v Speaker 2>last long enough, right, So out of that whatever you

834
00:59:32.639 --> 00:59:39.079
<v Speaker 2>do is just speculation. So I think what investors have

835
00:59:39.199 --> 00:59:41.840
<v Speaker 2>decided is that if we are investing in the country

836
00:59:41.920 --> 00:59:45.039
<v Speaker 2>and we know the operations are here, is because at

837
00:59:45.079 --> 00:59:48.559
<v Speaker 2>the end of the day, you already have the risk

838
00:59:48.679 --> 00:59:52.639
<v Speaker 2>embedded and to the company operation and we are fine

839
00:59:53.480 --> 00:59:57.559
<v Speaker 2>to deal with that type of risk. So yeah, it

840
00:59:57.760 --> 00:59:59.840
<v Speaker 2>comes with I would say that it comes with the

841
01:00:00.400 --> 01:00:03.159
<v Speaker 2>and with the nature of being in a place that

842
01:00:04.079 --> 01:00:09.920
<v Speaker 2>it is having that probably downside if you would like

843
01:00:10.000 --> 01:00:12.440
<v Speaker 2>to call it in terms of effects, but on the

844
01:00:12.559 --> 01:00:16.199
<v Speaker 2>other positive sides, I mentioned the fact that we are

845
01:00:16.280 --> 01:00:21.119
<v Speaker 2>in a marvelous place to fish bluefin. We are in

846
01:00:21.199 --> 01:00:24.559
<v Speaker 2>a very fantastic place in order to fish for the suling.

847
01:00:25.440 --> 01:00:29.280
<v Speaker 2>We have one of the best locations to happen to

848
01:00:29.480 --> 01:00:33.840
<v Speaker 2>host our farm for the fish to grow. And those

849
01:00:34.079 --> 01:00:37.800
<v Speaker 2>things are also part of the operational risk of the company,

850
01:00:38.360 --> 01:00:42.440
<v Speaker 2>which obviously are over and above of whatever the EFS

851
01:00:42.559 --> 01:00:44.800
<v Speaker 2>impact that we have on a day to day basis.

852
01:00:46.039 --> 01:00:52.320
<v Speaker 1>Yees, as well as pervading employment. Have you reinvested directly

853
01:00:52.440 --> 01:00:55.079
<v Speaker 1>into the local infrastructure.

854
01:00:55.519 --> 01:01:00.679
<v Speaker 2>Yeah, definitely, yes, a lot. Yeah, yeah, we do you know,

855
01:01:04.440 --> 01:01:07.039
<v Speaker 2>fishing in general, and you will hear it not only

856
01:01:07.119 --> 01:01:09.199
<v Speaker 2>from me, but from many other people that are in

857
01:01:09.280 --> 01:01:15.480
<v Speaker 2>the industry in general, requires a lot of capex, starting

858
01:01:15.519 --> 01:01:19.639
<v Speaker 2>from the vessel. You know, we are somehow fighting with nature,

859
01:01:19.840 --> 01:01:25.760
<v Speaker 2>right the sea is never forgiven. The nets, the equipments,

860
01:01:25.920 --> 01:01:30.960
<v Speaker 2>the technology that you use, even the materials that you

861
01:01:31.119 --> 01:01:34.159
<v Speaker 2>have on the vessel itself requires a lot of maintainance.

862
01:01:34.239 --> 01:01:39.639
<v Speaker 2>So because of all of that, the company has also

863
01:01:40.000 --> 01:01:43.360
<v Speaker 2>invested a lot in having their own facilities to maintain

864
01:01:43.440 --> 01:01:47.639
<v Speaker 2>the vessels, which we do next to the post position

865
01:01:47.840 --> 01:01:51.480
<v Speaker 2>that we have. So we have our own crew and equipment,

866
01:01:51.960 --> 01:01:55.800
<v Speaker 2>and we have developed these people even to learn this

867
01:01:56.039 --> 01:02:00.920
<v Speaker 2>type of techniques and even expertise on engineering, to have

868
01:02:01.199 --> 01:02:06.159
<v Speaker 2>different type of maintenance workshops we call it. So even

869
01:02:06.239 --> 01:02:11.119
<v Speaker 2>from fixing the nets, from the hydraulics, the mechanics, the raiders,

870
01:02:11.239 --> 01:02:15.039
<v Speaker 2>the zoners, all these things, we had to build that

871
01:02:15.199 --> 01:02:20.480
<v Speaker 2>infrastructure locally in order to have people around us that

872
01:02:20.599 --> 01:02:24.119
<v Speaker 2>are able to maintain and service the vessel in the

873
01:02:24.199 --> 01:02:27.159
<v Speaker 2>fastest way possible. I relate these to the f one

874
01:02:27.679 --> 01:02:29.880
<v Speaker 2>when you see a car coming into the pits and

875
01:02:30.000 --> 01:02:33.480
<v Speaker 2>then getting out in two seconds. Right in our case,

876
01:02:33.480 --> 01:02:35.480
<v Speaker 2>we want to do the same. We want the vessel

877
01:02:35.559 --> 01:02:39.599
<v Speaker 2>to come, then we do a pit stop and then

878
01:02:39.679 --> 01:02:42.199
<v Speaker 2>we put the vessel back into the sea, which is

879
01:02:42.239 --> 01:02:46.800
<v Speaker 2>the best way that obviously assets can have a return

880
01:02:47.119 --> 01:02:49.119
<v Speaker 2>on the investment that we do.

881
01:02:51.440 --> 01:02:58.880
<v Speaker 1>Yeah. Yeah, With climate events like El Nino threatening global

882
01:02:59.079 --> 01:03:06.440
<v Speaker 1>tuna abandon what role does specialized parametric insurance or other

883
01:03:06.599 --> 01:03:11.760
<v Speaker 1>financial instruments play and protect in your local operations and

884
01:03:12.719 --> 01:03:14.239
<v Speaker 1>families that depend on them.

885
01:03:16.079 --> 01:03:22.400
<v Speaker 2>Ah, there is no direct threat on the abundance. It's

886
01:03:22.440 --> 01:03:26.760
<v Speaker 2>not that the fish is dying because of the temperature increase.

887
01:03:27.320 --> 01:03:30.079
<v Speaker 2>What is happening is that the fish is going to

888
01:03:30.159 --> 01:03:33.719
<v Speaker 2>a different places. Right. So it's like probably you if

889
01:03:33.760 --> 01:03:36.679
<v Speaker 2>you are in a room of what the degree is temperature,

890
01:03:36.920 --> 01:03:38.920
<v Speaker 2>then you want to be in a place where you

891
01:03:39.039 --> 01:03:42.159
<v Speaker 2>have air conditioning, right, so you will move and you

892
01:03:42.239 --> 01:03:45.880
<v Speaker 2>will move probably the way that you move around those places.

893
01:03:46.000 --> 01:03:48.360
<v Speaker 2>And this is happening this year. So we've seen the

894
01:03:48.440 --> 01:03:52.000
<v Speaker 2>fish moving to other places where we normally never see

895
01:03:52.039 --> 01:03:57.159
<v Speaker 2>the fish going before. And by definition, obviously you need

896
01:03:57.239 --> 01:04:00.599
<v Speaker 2>to be a smarter and try to go to those

897
01:04:00.679 --> 01:04:03.840
<v Speaker 2>places and find the fish again, I mean, still is there.

898
01:04:03.920 --> 01:04:05.800
<v Speaker 2>It's not that he's dying, but just moving in a

899
01:04:05.840 --> 01:04:09.960
<v Speaker 2>different pattern. So biologically speaking, the fish is still there.

900
01:04:10.039 --> 01:04:12.760
<v Speaker 2>The abundance is there, and the reproduction is happening, but

901
01:04:13.119 --> 01:04:17.760
<v Speaker 2>just not in the same way and route that probably

902
01:04:17.840 --> 01:04:20.880
<v Speaker 2>you saw it before. Now, to answer the second part

903
01:04:20.920 --> 01:04:23.280
<v Speaker 2>of your question, which is of where we have some

904
01:04:23.480 --> 01:04:32.519
<v Speaker 2>sort of financial hedge against that, obviously we do. There's

905
01:04:32.559 --> 01:04:35.760
<v Speaker 2>a big investment of working capital right which is called

906
01:04:36.639 --> 01:04:40.440
<v Speaker 2>living fish on the water. So we have a big

907
01:04:40.559 --> 01:04:50.000
<v Speaker 2>group of reinsurance issuing a big insurance policy every year

908
01:04:50.360 --> 01:04:53.480
<v Speaker 2>to protect. Obviously the fish that we have over there

909
01:04:54.119 --> 01:04:56.400
<v Speaker 2>now at the end of the day is just the protection.

910
01:04:57.199 --> 01:04:59.880
<v Speaker 2>What we want to do is obviously to act for

911
01:05:00.519 --> 01:05:03.920
<v Speaker 2>before something like that is happening, or if we see

912
01:05:03.960 --> 01:05:06.639
<v Speaker 2>any threat to the fish that we have, and for

913
01:05:06.760 --> 01:05:10.119
<v Speaker 2>those we have a lot of protocols. From to start,

914
01:05:10.840 --> 01:05:14.559
<v Speaker 2>we do monitoring on the temperature water, on the algae

915
01:05:14.679 --> 01:05:17.119
<v Speaker 2>that we have on the water, even on the pollution

916
01:05:17.320 --> 01:05:20.320
<v Speaker 2>that sometimes we find with the water. We work a

917
01:05:20.400 --> 01:05:24.840
<v Speaker 2>lot with Noah in San Diego, which is alerting us

918
01:05:25.639 --> 01:05:29.000
<v Speaker 2>every time that they see a changing pattern on the water,

919
01:05:30.079 --> 01:05:34.079
<v Speaker 2>even the different algies that you can find, and so

920
01:05:34.880 --> 01:05:38.480
<v Speaker 2>so that triggers alarms in our farm and in our

921
01:05:38.639 --> 01:05:41.519
<v Speaker 2>protocols to move even the fish eventually out of the

922
01:05:41.599 --> 01:05:45.440
<v Speaker 2>place that we are uh huh.

923
01:05:47.320 --> 01:05:55.800
<v Speaker 1>Yeah, yeah, I've acquired processing plants and fishing vessels. There

924
01:05:55.840 --> 01:05:58.599
<v Speaker 1>is an x major capital injection going.

925
01:06:01.199 --> 01:06:04.239
<v Speaker 2>Well, we just want to keep up going global. I

926
01:06:04.519 --> 01:06:07.719
<v Speaker 2>obviously cannot give more details of what we want to

927
01:06:07.840 --> 01:06:12.599
<v Speaker 2>do next, but I think in general terms, we see

928
01:06:12.840 --> 01:06:16.119
<v Speaker 2>Bahack of Arms being a global company and trying to

929
01:06:16.239 --> 01:06:20.719
<v Speaker 2>have a bigger stake and consumer worldwide. Not only in

930
01:06:20.800 --> 01:06:23.800
<v Speaker 2>bluefin because I was explaining, we are also entering in

931
01:06:23.880 --> 01:06:28.599
<v Speaker 2>some other categories as fish meal, visual and obviously we

932
01:06:30.039 --> 01:06:32.760
<v Speaker 2>want to go big, We want to go global, and

933
01:06:34.280 --> 01:06:37.000
<v Speaker 2>at the end of the day, we want to prove

934
01:06:37.079 --> 01:06:41.880
<v Speaker 2>that Mexico doesn't have to choose between scale and sustainability.

935
01:06:42.079 --> 01:06:46.480
<v Speaker 2>We can lead the world with both. If we do

936
01:06:46.639 --> 01:06:50.239
<v Speaker 2>this right, our lasting impact won't just be to have

937
01:06:50.400 --> 01:06:54.280
<v Speaker 2>great vesh but it will shift actually the standards, so

938
01:06:54.639 --> 01:06:59.119
<v Speaker 2>higher quality, full traceability, respect for the ocean, and a

939
01:06:59.199 --> 01:07:06.920
<v Speaker 2>mindset that is really long term values obviously beat short structure.

940
01:07:06.960 --> 01:07:10.400
<v Speaker 2>And every time I want people to look back and

941
01:07:10.519 --> 01:07:14.239
<v Speaker 2>say that we really help to redefine what Mexicans see,

942
01:07:14.320 --> 01:07:20.280
<v Speaker 2>what means globally, and it's not cheap, it's not commody dize,

943
01:07:20.440 --> 01:07:24.679
<v Speaker 2>but it's really this type of premium, trusted and responsible

944
01:07:25.519 --> 01:07:27.840
<v Speaker 2>product that he's coming from Mexican hands.

945
01:07:30.840 --> 01:07:36.199
<v Speaker 1>Okay. Given the current skill of the company and the

946
01:07:36.320 --> 01:07:42.719
<v Speaker 1>backing of institutional investors, it's the future public listing or

947
01:07:42.840 --> 01:07:49.719
<v Speaker 1>further consolidation and the American bluefin sector part of a

948
01:07:49.800 --> 01:07:51.760
<v Speaker 1>long term financial roadmap.

949
01:07:53.000 --> 01:07:57.000
<v Speaker 2>No, No, I don't think so. I think you know,

950
01:07:57.320 --> 01:08:01.280
<v Speaker 2>our group of investors is very solid for the time being.

951
01:08:01.320 --> 01:08:07.760
<v Speaker 2>I don't see these happening. People is really committed with

952
01:08:08.039 --> 01:08:14.320
<v Speaker 2>the strategy that we had for the company, so there's

953
01:08:14.360 --> 01:08:16.079
<v Speaker 2>no need for us to go that path.

954
01:08:18.119 --> 01:08:23.399
<v Speaker 1>Okay, yeah, yeah, Well that's good. That's good that you're that.

955
01:08:23.880 --> 01:08:30.319
<v Speaker 1>That tells anybody listening that you're in control and you're

956
01:08:30.399 --> 01:08:37.319
<v Speaker 1>not just constantly trying to find something. You're in control.

957
01:08:38.640 --> 01:08:41.319
<v Speaker 2>Well done, Thank you, thank you for that.

958
01:08:41.680 --> 01:08:50.319
<v Speaker 1>I The February twenty twenty six FAO Global Globefish Report

959
01:08:50.520 --> 01:08:55.800
<v Speaker 1>shows a strong price recovery for bluefin tuna with high

960
01:08:56.520 --> 01:09:04.159
<v Speaker 1>value segments, experience in stables, seasonal three peaks, global trade

961
01:09:04.399 --> 01:09:10.239
<v Speaker 1>value increasing and twenty twenty four supported by aquaculture growth

962
01:09:10.479 --> 01:09:14.960
<v Speaker 1>and rising demands and a sashimi market. Do you see

963
01:09:15.520 --> 01:09:16.479
<v Speaker 1>that's continuing?

964
01:09:18.239 --> 01:09:20.600
<v Speaker 2>Yeah, I believe so. I believe so, And that would

965
01:09:20.640 --> 01:09:25.239
<v Speaker 2>depend on how much more sophisticated also we become consumer

966
01:09:25.399 --> 01:09:28.399
<v Speaker 2>is there trying to find new ways even to have

967
01:09:28.640 --> 01:09:32.720
<v Speaker 2>some sort of experience with a product. And as long

968
01:09:32.760 --> 01:09:35.760
<v Speaker 2>as we do this right, I believe that there is

969
01:09:36.000 --> 01:09:40.399
<v Speaker 2>still some places where we can go and still dry

970
01:09:40.600 --> 01:09:45.600
<v Speaker 2>price even higher. As I said, there's a limited amount

971
01:09:45.680 --> 01:09:49.239
<v Speaker 2>of supply. So if you're able to recognize your brind

972
01:09:49.319 --> 01:09:52.159
<v Speaker 2>with a different value, then there's a place for you

973
01:09:52.359 --> 01:09:56.399
<v Speaker 2>to be with consumer and obviously have a better impact

974
01:09:56.800 --> 01:10:00.159
<v Speaker 2>in terms of the willingness to pay that you have

975
01:10:00.640 --> 01:10:01.079
<v Speaker 2>from them.

976
01:10:03.720 --> 01:10:11.600
<v Speaker 1>Okay, yeah, yeah, Well says that it's looking the future

977
01:10:11.720 --> 01:10:12.319
<v Speaker 1>is looking good.

978
01:10:13.479 --> 01:10:16.000
<v Speaker 2>Well, we hope for the best and we work out

979
01:10:16.439 --> 01:10:17.279
<v Speaker 2>is to be true.

980
01:10:18.159 --> 01:10:21.439
<v Speaker 1>As we say here Manuel, if you're the worst, but

981
01:10:21.600 --> 01:10:28.119
<v Speaker 1>hope for the best. Where can our listeners follow you online?

982
01:10:29.039 --> 01:10:31.000
<v Speaker 1>Your social social media presence?

983
01:10:33.800 --> 01:10:40.039
<v Speaker 2>I think I have an account on linking. Normally, I

984
01:10:40.199 --> 01:10:43.279
<v Speaker 2>am not an active user. I'm more of a passive

985
01:10:43.399 --> 01:10:47.760
<v Speaker 2>user to be very frank with you, But the company

986
01:10:47.960 --> 01:10:52.960
<v Speaker 2>is having you know, Instagram pages at Luvina you will

987
01:10:53.000 --> 01:10:55.840
<v Speaker 2>find us over there. We try to be with consumer

988
01:10:55.920 --> 01:10:59.119
<v Speaker 2>all the time, trying to show what we do, how

989
01:10:59.199 --> 01:11:01.000
<v Speaker 2>we do it, and the type of events that we

990
01:11:01.079 --> 01:11:04.960
<v Speaker 2>also organize around the world. So if you're interested to

991
01:11:05.039 --> 01:11:11.039
<v Speaker 2>be how the product relates with chefs, restaurants, consumers, I

992
01:11:11.119 --> 01:11:13.399
<v Speaker 2>think the best place to find us is on Instagram

993
01:11:13.560 --> 01:11:19.720
<v Speaker 2>and TikTok. As I said, at blue Fina, you will

994
01:11:19.760 --> 01:11:20.560
<v Speaker 2>see us over there.

995
01:11:22.319 --> 01:11:27.960
<v Speaker 1>Brilliant, brilliant. As CEO, what do you want the lasting

996
01:11:28.239 --> 01:11:32.880
<v Speaker 1>impact of Baca Aqua Farms to be on the Mexican

997
01:11:33.000 --> 01:11:34.000
<v Speaker 1>seafood industry?

998
01:11:37.000 --> 01:11:39.520
<v Speaker 2>Well, as I was saying, I want to lead with

999
01:11:39.600 --> 01:11:45.840
<v Speaker 2>the example. Mexico is recognized for many wrong things. I

1000
01:11:46.000 --> 01:11:48.960
<v Speaker 2>want this to be one of the right things to

1001
01:11:49.079 --> 01:11:55.399
<v Speaker 2>be recognized for. As we recognize tequila and mariachi, then

1002
01:11:56.239 --> 01:11:58.720
<v Speaker 2>we should be able to recognize ones that we have

1003
01:11:58.880 --> 01:12:01.039
<v Speaker 2>also one of the best things industries in terms of

1004
01:12:01.119 --> 01:12:05.920
<v Speaker 2>aguaculture and bluefin and I believe we can achieve that

1005
01:12:06.119 --> 01:12:08.840
<v Speaker 2>we are on the right place. We have the right people,

1006
01:12:09.520 --> 01:12:13.239
<v Speaker 2>which is mainly the thing that it requires. This is

1007
01:12:13.359 --> 01:12:18.000
<v Speaker 2>not coming just by fishing or vessels, but it's coming

1008
01:12:18.079 --> 01:12:20.239
<v Speaker 2>out of the people that you have in the company.

1009
01:12:21.239 --> 01:12:23.520
<v Speaker 2>I do believe that we have the right people to

1010
01:12:24.000 --> 01:12:31.560
<v Speaker 2>achieve something as global as we said. Really, I see

1011
01:12:31.600 --> 01:12:35.039
<v Speaker 2>the faces on the people committed to what we call

1012
01:12:35.199 --> 01:12:39.720
<v Speaker 2>this year the two two six K, which is twenty

1013
01:12:39.920 --> 01:12:43.159
<v Speaker 2>twenty six, and it's coming from the two oh two

1014
01:12:43.319 --> 01:12:48.720
<v Speaker 2>five K, which is the twenty twenty five. Last year

1015
01:12:49.000 --> 01:12:51.880
<v Speaker 2>we call it the two O two because we wanted

1016
01:12:51.960 --> 01:12:55.840
<v Speaker 2>to redo the company and redo the innovation, and the

1017
01:12:56.000 --> 01:12:58.800
<v Speaker 2>five K was five thousand tons that we wanted to

1018
01:12:58.880 --> 01:13:02.199
<v Speaker 2>sell in one year and we did it. So this

1019
01:13:02.399 --> 01:13:04.920
<v Speaker 2>year we're looking for the two two six K, So

1020
01:13:06.239 --> 01:13:09.520
<v Speaker 2>hopefully by the year and I can come back to

1021
01:13:09.640 --> 01:13:11.439
<v Speaker 2>you and tell you that we did it again. But

1022
01:13:12.359 --> 01:13:15.359
<v Speaker 2>you know, aiming high. It always requires to have the

1023
01:13:15.600 --> 01:13:20.119
<v Speaker 2>right people with the right commitment in order to to

1024
01:13:20.319 --> 01:13:24.800
<v Speaker 2>go the full bust and really give the ex draft

1025
01:13:24.840 --> 01:13:28.319
<v Speaker 2>for to make sure that we are recognized worldwide for

1026
01:13:28.520 --> 01:13:30.680
<v Speaker 2>something different just just bad news.

1027
01:13:32.119 --> 01:13:39.000
<v Speaker 1>It certainly impressed me. Manuel. Let you have your targets,

1028
01:13:39.159 --> 01:13:42.199
<v Speaker 1>you know where you're wanting to go, but you don't

1029
01:13:42.319 --> 01:13:47.319
<v Speaker 1>just jump at it. You're very professional. Operations.

1030
01:13:49.880 --> 01:13:53.439
<v Speaker 2>Yes, I think what we have done in terms of

1031
01:13:53.560 --> 01:13:59.239
<v Speaker 2>the operation setup is amazing. Honestly, I'm all the time,

1032
01:13:59.399 --> 01:14:05.319
<v Speaker 2>very proud all the time showing these to everyone, because

1033
01:14:05.399 --> 01:14:10.800
<v Speaker 2>I think it's really a lot of work, many years

1034
01:14:11.319 --> 01:14:13.880
<v Speaker 2>that were put into that thing to make it happen.

1035
01:14:14.039 --> 01:14:17.279
<v Speaker 2>So it's just fair for me to recognize all the

1036
01:14:17.319 --> 01:14:20.680
<v Speaker 2>people that it was working to achieve that. And it's

1037
01:14:20.760 --> 01:14:26.960
<v Speaker 2>only fair also for people to realize that we are

1038
01:14:27.079 --> 01:14:30.680
<v Speaker 2>really in a place and with a technology and with

1039
01:14:30.840 --> 01:14:37.760
<v Speaker 2>an operational setup that you know, many even other industries

1040
01:14:37.840 --> 01:14:41.000
<v Speaker 2>would like to have. So I think it's a great

1041
01:14:41.079 --> 01:14:43.279
<v Speaker 2>work that the people have done in order to come

1042
01:14:43.800 --> 01:14:44.560
<v Speaker 2>along this way.

1043
01:14:46.520 --> 01:14:49.479
<v Speaker 1>What would your advice to be be to somebody like

1044
01:14:49.680 --> 01:14:53.800
<v Speaker 1>me who wanted to buy a fresh piece of tuna

1045
01:14:54.520 --> 01:14:59.199
<v Speaker 1>and cook it? What would you what would be your recommendation?

1046
01:15:00.720 --> 01:15:04.079
<v Speaker 2>I would say that you should start with some niggity's

1047
01:15:05.520 --> 01:15:09.600
<v Speaker 2>there's a piece of tune on top and some steam

1048
01:15:09.760 --> 01:15:14.119
<v Speaker 2>rise at the bottom. They normally put a little touch

1049
01:15:14.520 --> 01:15:21.159
<v Speaker 2>of wasabi in between, and then you put that thing

1050
01:15:21.319 --> 01:15:23.640
<v Speaker 2>one piece in your mouth all at the same time.

1051
01:15:25.760 --> 01:15:32.079
<v Speaker 2>Try to take some akami, toro and toto in that combination.

1052
01:15:34.920 --> 01:15:37.520
<v Speaker 2>Start from the pinky one all the way to the

1053
01:15:37.600 --> 01:15:41.520
<v Speaker 2>red one, and you will see the transition and flagwork

1054
01:15:41.520 --> 01:15:44.720
<v Speaker 2>from one place to the other one. I think it's

1055
01:15:44.920 --> 01:15:48.279
<v Speaker 2>just a very good way to start from there. Then

1056
01:15:48.520 --> 01:15:51.760
<v Speaker 2>you will experience something different if this is the first

1057
01:15:51.800 --> 01:15:55.520
<v Speaker 2>time that you're trying it, and if not, then probably

1058
01:15:55.640 --> 01:15:59.039
<v Speaker 2>you will evolve immediately into some sort of sashimi, which

1059
01:15:59.119 --> 01:16:03.920
<v Speaker 2>is another type of h tuna cording that that you

1060
01:16:04.000 --> 01:16:10.159
<v Speaker 2>will also do to enjoy it. Is my case, I

1061
01:16:10.560 --> 01:16:13.319
<v Speaker 2>always start with any gities because it gives you this

1062
01:16:13.560 --> 01:16:16.560
<v Speaker 2>rare combination and having the soft rise in your mouth

1063
01:16:16.680 --> 01:16:21.600
<v Speaker 2>with the tuna and with that little soy sauce on

1064
01:16:21.720 --> 01:16:26.079
<v Speaker 2>top which is really watering into your mouth, and the

1065
01:16:26.479 --> 01:16:28.560
<v Speaker 2>tuna is just melting like butter.

1066
01:16:29.520 --> 01:16:37.560
<v Speaker 1>Yeah. I think the sashimi is a brilliant combination between

1067
01:16:37.800 --> 01:16:42.479
<v Speaker 1>all of the tuna. You have the sabi, the pickled ginger,

1068
01:16:43.399 --> 01:16:47.840
<v Speaker 1>and the soy. I think it's an amazing combination of flavors.

1069
01:16:48.640 --> 01:16:50.760
<v Speaker 2>Yeah, I agree with you. I agree with you.

1070
01:16:51.920 --> 01:16:55.279
<v Speaker 1>And then and they all they all put something, they

1071
01:16:55.359 --> 01:16:57.079
<v Speaker 1>all give something different.

1072
01:16:59.159 --> 01:17:03.479
<v Speaker 2>Yes, yes, indeed, Well when you'll I'll just.

1073
01:17:04.000 --> 01:17:06.119
<v Speaker 1>Stay able, fold up and I'd just like to thank

1074
01:17:06.159 --> 01:17:11.600
<v Speaker 1>you very much. That's really really, really interesting and my goodness,

1075
01:17:11.680 --> 01:17:17.359
<v Speaker 1>what I've like professional operation. Commend you on it, and

1076
01:17:17.600 --> 01:17:18.800
<v Speaker 1>good luck for the future.

1077
01:17:19.760 --> 01:17:22.680
<v Speaker 2>Jim, you are welcome to come to in Snana anytime

1078
01:17:22.760 --> 01:17:25.279
<v Speaker 2>you want. We would love to have you here and

1079
01:17:25.399 --> 01:17:28.479
<v Speaker 2>show you all the things that were just stalk face

1080
01:17:28.560 --> 01:17:31.760
<v Speaker 2>to face, and then we will have even sometimes you

1081
01:17:31.840 --> 01:17:33.479
<v Speaker 2>have some good wine and some tuna.

1082
01:17:34.239 --> 01:17:39.399
<v Speaker 1>We well to be to be honest with you, I've

1083
01:17:39.680 --> 01:17:46.880
<v Speaker 1>actually arranging for our conversation last night and I was

1084
01:17:46.960 --> 01:17:52.680
<v Speaker 1>actually had the area on the map looking looking where

1085
01:17:52.720 --> 01:17:52.960
<v Speaker 1>you are.

1086
01:17:53.960 --> 01:17:59.479
<v Speaker 2>That's the start. You're welcome a tripe. Yes, excellent, Thank you,

1087
01:18:00.840 --> 01:18:02.079
<v Speaker 2>Thank you very much for the time.

1088
01:18:02.159 --> 01:18:02.279
<v Speaker 1>Je