News: Majestic Seafood tuna factory suspends production

A few days ago, it was announced that a major fish cannery located in Papua New Guinea - Majestic Seafood Co. Ltd - is suspending production.
According to regional newspaper reports, about 5,000 people are currently forced to stop working there. A spokesman for the company explained that the suspension of production was unavoidable, citing the steadily rising prices for tuna as the reason. A sustainable business is not possible at the moment for the factory, which is a joint venture between Thai Union Manufacturing, Century Canning and Frabelle Fishing.
Background: Catch volumes of tuna have been falling drastically since November 2022. Analogously, raw material prices are rising and breaking one high after the other - we last discussed price developments on May 2. visualized for World Tuna Day.
Reports like the one from Majestic Seafood are of course of concern to us all: Numerous people are affected and no one knows what will happen next - with the company and in the industry as a whole. In our Food News from Paul M. Müller, we give space to precisely such topics. The next report will appear in just three weeks. If you would like to subscribe free of charge, you can do here.

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