161,000 tons in 1991 to 213,000 tons in 1992. The 

 value of Norway's exports of cod products was 

 nearly $590 million in 1992.* In addition to cod, 

 Norwegian fishermen also benefited from a 

 resurgence in capelin stocks; the catch of capelin 

 went from 92,000 tons in 1990 to 576,000 tons in 

 1991 to 808,000 tons in 1992. The catch of Atlantic 

 herring has declined in recent years, but accounted 

 for 220,000 tons in 1992. Atlantic mackerel landings 

 were 207,000 tons in 1992. Norway pout (165,000 

 tons), Saithe (160,000 tons), blue whiting (154,600 

 tons), horse mackerel (106,000 tons), sandeels 

 (92,800 tons), haddock (38,000 tons), redfish (35,000 

 tons), sprat (32,500 tons), ling (21,400 tons), and 

 Greenland halibut (1 1 ,000 tons), were also important 

 fish caught in Norwegian waters in 1992. Harvests 

 of Norway lobster and deepwater shrimp provide 

 valuable income for these prized shellfish. Norway 

 is also the world's leading producer of farmed 

 Atlantic salmon and 1992 exports of 123,500 tons of 

 fresh, chilled or frozen salmon (excluding fillets) 

 generated $604 million in export earnings!^ Fish 

 stocks are healthy and Norwegian fishermen are 

 among the few enjoying a profitable season. The 

 main product forms are fresh, frozen, dried, and 

 salted fish as well as fishmeal and oil and a variety of 

 caimed products. The boom in Norway's production 

 of farmed salmon has led to the development of new, 

 value-added products. The resumption of commercial 

 whaling in Norway might lead to consumer boycotts 

 of Norwegian fishery products that would be a 

 setback to the fishing industry. An overview of the 

 Norwegian fishing industry can be seen in tables 1 -3 . 



2. Fleet Background 



Norway has a total fishing fleet of about 17,000 

 vessels, making it the leader among the non-EC 

 nations of Western Europe. The Norwegian fishing 

 fleet consists mainly of small coastal vessels which 

 range from small, one-man boats to large trawlers 

 and purse seiners. The number of vessels in the fleet 

 has declined in recent years. The Norwegian high- 

 seas fleet had its origin in the 1960s and 1970s.' The 

 Gadus I (1,530-GRT) and Gadus II (1,600-GRT) 

 were built in 1969 and 1970 respectively and were 

 the first Norwegian stem trawlers over 1,000-GRT.' 

 By 1975, the fleet consisted of 8 vessels over 1,000- 

 GRT fishing the Norwegian quota of Arctic cod off 

 the coast of Finnmark and in the Barents Sea. '" The 

 Norwegian high-seas fleet grew slowly though the 



1980s. The fleet expanded from 98 vessels in 1985 

 to 143 vessels in 1990, as fishermen began ordering 

 large vessels (over 1,000-GRT) with on-board 

 processing equipment. Norwegian fishermen 

 eventually plan total of 30 fully equipped factory 

 vessels able to process approximately 200,000 tons of 

 cod at sea." This expansion program was taking 

 place at the same time that the fleet of smaller-sized 

 boats was being gradually reduced.'^ It was also 

 reported that 33 of the 40 ringblock vessels operating 

 in northern Norway were 20 or more years old and 

 replacement programs for modernizing the 



ieao 



1935 



IVesses wei SOOQRT  'bnnags 



Figure 1. -Norway's high-seas fleet, 1975-92. 



Norwegian fleet were needed." The Norwegian fleet 

 also includes a number of large, pelagic purse seiners 

 that fish for herring and capelin. The Norwegian 

 high-seas fleet in 1992 included 75 vessels in the 500- 

 to 999-GRT class, 52 vessels in the 1,000- to 1,999- 

 GRT class and 12 vessels over 2,000-GRT as shown 

 in table 1 . 



3. Modernization Programs''' 



The National Fishery Bank (NFB) is charged 

 with providing credit to promote the development of 

 the Norwegian fishing fleet. The NFB provides 

 mortgage loans and administers aid programs. In 

 1991, the NFB provided loans amounting to $416 

 million, which included $340 million in first 

 mortgage loans. The NFB loan program covers 70 

 percent of the total investment in a fishing vessel. 

 Loans are provided for a maximum period of 12 

 years at 12.5-percent (1990-92). Second mortgages 

 are also available. Shipowners were limited to a 

 maximum loan of $77 million in 1990 and to $54 



232 



