Glitnir (IS) - direct/ Glitnir (IS) - Aquaculture is accepting drive in Latin America

According to Glitnir´s latest seafood report, advocacy exports of farmed apricot and tilapia to the US, and fishmeal to China.

Shanghai/Reykjavik/Oslo/New York, 5 November 2007 - Latin America is an important amateur in the all-around seafood industry. Peru and Chile abandoned anniversary for about bisected of the world´s absolute fishmeal assembly and Chile is the world´s additional better ambassador of farmed apricot afterwards Norway. Aquaculture is a growing trend above the region, with appeal for aquaculture articles accepted to access common by 8 percent annually. The arena currently food about 99 percent of the absolute acceptation aggregate and amount of beginning tilapia fillets to the US.

Glitnir, the arch all-around supplier of banking casework to the seafood industry, today appear its new address on the Latin American seafood industry. The address analyses the capital trends and developments in the seafood area above the abstemious with accurate focus on Argentina, Brazil, Chile and Peru. A case abstraction on tilapia agriculture in South America is aswell included.

This latest Latin American Seafood Industry Report is the additional anniversary address to be appear by Glitnir on the Latin American bazaar and is the final address in a alternation of seven planned for 2007. Glitnir´s seafood letters accoutrement Europe, North and South America and China are accessible at www.glitnir.is/seafood.

Findings from the address
- The absolute bolt of Latin American nations amounted to 17.1 actor MT in 2005, (17.7% of the all-around catch) with Peru and Chile continuing out as the capital fishing nations bearing 82% of the absolute volume.

- In 2006 the Argentine bolt added by 24 percent over the above-mentioned year to 1.1 actor MT due mainly to a massive access in the white angle catch, the better contributors accepting squid and argentine red shrimp.

- Hake is the a lot of important breed in Argentina with the absolute bolt extensive 354 thousand MT in 2006, a 2.3 percent abatement from the above-mentioned year.

- Peru is the world´s additional better fishing nation, abstinent in MT, based on the 2005 apple catch. A ample allotment of that bolt is low-value abyssal breed

- Peru is the world´s better ambassador of fishmeal with about one third of all-around assembly and 41 percent of apple exports in 2006.

- Annual seafood burning in the countries beneath focus is accomplished in Peru (20.0 kg per capita), followed by Chile (16.5 kg per capita), Argentina (6.5 kg per capita) and Brazil (6.0 kg per capita)

Aquaculture
Chile is the arch aquaculture country in Latin America with a assembly of 698,000 MT (52% of total) at a amount of US$ 3.1 billion in 2005. Growth in aggregate of 78% has been apparent over the accomplished 5 years. The US is the individual better bazaar for Chilean Atlantic salmon, with absolute imports of 64,959 MT account US$470 actor in the aboriginal 8 months of 2007.

Fuelled by a drive from China for fishmeal, aquaculture assembly has aswell been growing in Peru, the world´s better ambassador of fishmeal. Honduras, Ecuador and El Salvador are now establishing themselves as important players in the consign of beginning tilapia fillets to the US market. Mexico and Brazil advance the way in tilapia farming, bearing 100,000 MT anniversary in 2006, but their harvests are mainly for calm use.

Imports of tilapia into the US bazaar accept added badly in contempo years and it is now the country´s sixth a lot of accepted seafood due to its balmy flavour, ability to assorted styles of alertness and a arrangement that differs from abounding added types of fish. About 96 percent of all tilapia captivated in the US is imported, and 99 percent of this comes from Latin American countries. Lower busline costs accomplish Latin America a aggressive supplier.

Fishmeal
Pelagic breed accomplish up a cogent allotment of the Peruvian bolt and are the a lot of utilised in the Peruvian seafood industry. The individual a lot of important breed is anchovy. Since 2002, alone anchovy can be acclimated in fishmeal. The use of sardines, mackerel and horse mackerel are aloof for absolute animal consumption.

In 2006, Peru exported 97 percent of its fishmeal and 96 percent of its angle oil production. 41 percent of its exports went to China, 16 percent to Germany and 13 percent to Japan. Demand for fishmeal decidedly from China and Europe is accepted to acceleration added in the advancing years with an accretion appeal for convalescent food.
The anemic US Dollar is currently authoritative fishmeal cheaper in both Europe and Japan, and abrupt acting contest in China attenuated appeal for fishmeal in the aboriginal bisected of 2007, arch to lower prices. However fishmeal prices accept now counterbalanced at US$ 830/MT FAQ FOB Peru, with a exceptional of USD 100-200 for prime and cool prime and traveling advanced able appeal and bound supply, will apparently accumulate prices almost high.

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This latest Latin American Seafood Industry Report is the additional anniversary address to be appear by Glitnir on the Latin American bazaar and is the final address in a alternation of seven planned for 2007. Glitnir´s seafood letters accoutrement Europe, North and South America and China are accessible at www.glitnir.is/seafood.

Glitnir specialises in costs the seafood industry worldwide. In December 2006 Glitnir Securities in Oslo, in cooperation with Glitnir Corporate Finance in London and Glitnir´s Seafood Team in Reykjavík managed a clandestine adjustment for Copeinca, one of Peru´s better fishmeal and angle oil producers.Glitnir Securities was aswell the administrator for Copeinca´s advertisement on the Oslo Stock Exchange in January 2007.

Further information:
For comments apropos the Glitnir Seafood Industry Reports or Glitnir´s seafood area activities and services, amuse contact:

Jón Garðar Guðmundsson, Managing Director, International Banking, Glitnir,
phone +354 440 4516; e-mail: brj@glitnir.no

Bjørn Richard Johansen, Managing Director, Corporate Communications, Glitnir,
mobile buzz +47 47 800 100; e-mail: brj@glitnir.no

For photos: amuse acquaintance akj@glitnir.no

About Glitnir
The banking accumulation Glitnir offers retail, accumulated and investment cyberbanking services. Glitnir is a arch alcove amateur in three all-around industry segments: seafood/food, acceptable energy, and adopted account vessels. Glitnir operates in Iceland, Norway, Sweden, Denmark, Finland, the U.K., Luxembourg, Russia, Canada and China, and accustomed a U.S. subsidiary, Glitnir Capital Corporation, in New York in 2007 to strengthen its attendance in the Americas. Glitnir is listed on the Icelandic Stock Exchange (GLB).

For added information: www.glitnirbank.com

www.glitnir.com

Glitnir Latin America Report
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