7. Fleet Dispersal Plans 



Economic difficulties can result in the sale of 

 vessels at any time. Many Faroese fishing vessels 

 have already been sold to foreign buyers. 



Economic difficulties may also force fishermen 

 to seek opportunities in distant-waters. In 1990, a 

 Faroese company reached an agreement with 

 Waigunuei Trawlers on the North Island of New 

 Zealand to establish a joint venture operation. The 

 Faroese owner had sent his Polarborg I to fish for 

 orange roughy, hoki, and squid. The vessel was 

 scheduled to arrive in New Zealand on August 8, 

 1990."' The Polarborg I was built in a Norwegian 

 shipyard as a wet fish/freezer trawler for bottom and 

 pelagic fishmg in 1988."' Previously a Faroese effort 

 to fish off Namibia was attempted, but the venture 

 failed and the vessels were sold at auction in South 

 Africa in an attempt by banks to recover some of 

 their expenses. These efforts appear isolated. 



Faroese fishermen are not expected to seek 

 distant fishing grounds where fishing conditions and 

 species are different from those of the North Atlantic. 

 It is likely, however, that Faroese fishermen will seek 

 to maintain their access to their traditional fishing 

 grounds in the North Atlantic. The Faroese will look 

 to Deimiark for assistance in negotiating new annual 

 agreements with the EC and countries such as 

 Greenland, Canada, Iceland, Norway, Russia and the 

 Baltic countries. 



SOURCES 



Danielsen, Birger. "Bread for the Faroes - fish for 

 the world," Faroe Isles Review, Volume 1, No. 

 1, 1976, p.45. 



"Faer0emes banker ramt af pengemangel" and 

 "Lavvande i landskassen," Berlingske Tidende, 

 August 6, 1993. 



Faroese Business Environment, 1990, The Faroese 

 Government, Copenhagen, 1990, p. 29. 



Faroese Statistical Bulletin, May 1992, p. 15. 



"Fish export decline, inflation cause crisis in 

 Faeroes," Hufvudstadsbladet , Helsinki (in 

 Swedish), April 16, 1985, p. 14. 



Fishing News International, various issues. 



Folsom, William B. "Faroe Islands Fisheries Sector, 

 1989-90," International Fisheries Report (IFR- 

 90/09), National Marine Fisheries Service, 

 NOAA, U.S. Department of Commerce, 

 February 9, 1990. 



Seren Hansen, Senior Economic Specialist, U.S. 

 Embassy, Copenhagen, Denmark 



Hulgaard, Erling. Danish Ministry of Fisheries, fax 

 dated August 6, 1993 



Johanse, Tryggvi. Faroese Government Office, letter 

 to Erling Hulgaard, dated June 3, 1993 



Milazzo, Matteo. "The Faroese Fishing Industry," 

 International Fisheries Report (IFR-78/42), 

 National Marine Fisheries Service, NOAA, U.S. 

 Department of Commerce, 1978 



Palme, Christian. "Hard Times for fishing — Debts 

 hurting Faeroes," Dagens Nyheter, Stockholm, 

 May 28, 1985, p. 10. 



Scudder, Bernard. "Faroe Islands aim to stay one 

 step ahead," Seafood International, September 

 1991, p. 39 



World Fishing, various issues. 



Faroe Islands 



(pari of the Danish realm) 



North skJvoy'^ 



Atlantic b 



Ocean 



185 



