Icelandic waters and thus no U.S. fishery was 

 allowed to develop. In December 1988, the North 

 Pacific Fishery Management Council approved an 

 application by an Icelandic fishing firm to harvest 

 30,000 tons of Pacific cod for joint venture 

 processing. A large Icelandic stem trawler, the 

 Andri I (formerly the Roman I. , a large UK freezer 

 stem trawler) arrived in Alaskan waters in December 

 1989.'^ The late arrival of the vessel in Alaskan 

 waters enabled it to take only a tiny fraction of its 

 1989 Pacific cod quota. No Pacific cod quota was 

 available in 1990, but a permit was issued to the 

 Andri I to operate in the 1990 yellowfin sole joint 

 venture fishery. This fishery was closed on March 5, 

 1990, when Prohibited Species Catch Limits for 

 halibut were reached; the Andri 1 reportedly had 

 harvested 18 tons of yellowfin sole and other species 

 by that date. This quantity was too small to justify 

 continued operation of the vessel and the Icelandic 

 owners of the vessel sold the vessel to Faroese 

 fishing interests on March 15, 1990.'* Icelandic 

 authorities have renewed the GIFA with the United 

 States since it was signed, despite the absence of any 

 fisheries activity between the two countries. 



Iceland resisted fishing agreements with the EC 

 for many years, concemed that massive EC fleets 

 could quickly overfish their resources. In recent 

 years, however, Icelandic fish processors have 

 expanded their exports to the EC and have shown an 

 interest in reducing EC import tariffs on processed, 

 value-added Icelandic seafood products. On May 2, 

 1992, Iceland and the European Community signed 

 an agreement on fisheries and the marine 

 environment." The agreement calls for annual 

 consultations which may result in the reciprocal 

 granting of access by each side to fishing vessels of 

 the other party. The agreement will last for 10 

 years.'* It was made in conjunction with the 

 European Economic Area.'' 



7. Fleet Dispersal Plans 



The reduction in cod quotas, however, is 

 expected to make fishing less profitable for some 

 fishing companies and may result in economic 

 difficulties.'" This has resulted in some companies 

 seeking new opportunities in distant-waters such as 

 the "Loophole" area of the Barents Sea. 



It was recently reported that an Icelandic stem 

 trawler will be leased to BBGL in Murmansk and 

 Arkangelsk Rybprom in Russia. The vessels will fish 

 for cod in the Barents Sea. The Russians will gain 

 experience aboard the ship and the Icelanders will 

 keep the catch. If all goes well, an Iceland-Russian 

 joint venture fishing company might be established.'" 



Icelandic vessels have also fished in Namibian 



waters and are seeking to receive quotas in 1993-94.''^ 



No other information is available on the number or 



types of vessels involved in this fishery. Icelandic 



companies are also reported looking at joint venture 



operations in Chile.'" One Icelandic vessel. Grand 



Fisherman (375-GRT) was reflagged in Cypms in 

 199344 



In summary, it is likely that Icelandic fishing 

 companies may increasingly seek new opportunities 

 in distant waters. 



SOURCES 



Eurofish Report, various issues. 



Fishing News International, various issues. 



Folsom, William B. "Icelandic Fishery Landings and 

 Outlook," International Fishery Report, 91/97, 

 National Marine Fisheries Service, NOAA, U.S. 

 Department of Commerce, Silver Spring, 

 Maryland, December 20, 1991. 



News from Iceland, various issues. 



Office of Naval Intellligence, U.S. Navy 



U.S. Embassy, Reykjavik, various reports. 



U.S. Embassy, Windhok, Nambia. 



World Fishing, various issues. 



216 



