$2 to 2 cents:
For years, people in the fish industry have been pursuing the elusive goal of breeding bluefin completely on farms, from eggs all the way to mature fish. Clean Seas Tuna, an Australian aquaculture company, has been one of the leaders in efforts to breed tuna; Time included the company’s breeding tank in the magazine’s “50 Best Inventions of 2009.”
However, Clean Seas announced right before Christmas that it was suspending its breeding program for southern bluefin tuna (SBT). “The volume and quantity of fertilised eggs produced to date has been disappointing compared to other seasons,” the company said in a statement to the Australian stock exchange. “Whilst the Company continues to believe in the commercialisation potential of the successful closure of the SBT lifecycle, investment beyond the Company’s current financial resources will be required for this goal to be achieved.” Clean Seas stock traded at 2 Australian dollars in 2008 and now trades at 2 Australian cents.
Clean Seas isn’t the only bluefin-focused company facing some hard times. Oli Steindorsson, the chairman and chief executive officer of San Diego-based Umami Sustainable Seafood, resigned from all his positions at the company, “effective immediately,” Umami announced on Dec. 10. The new chairman, James White, serves on the boards of several resource companies, including PC Gold (PKL) and Auriga Gold (AIA). Umami “believes that Mr. White is qualified to serve as chairman of the Board due to his financial background and experience in the debt and equity markets,” the company said.
I interviewed Steindorsson in 2011 and he warned then about the need for patience. Given the challenges in trying to breed a fish that can easily weigh over 300 lbs., he said, Unami’s program would need five to seven further years before there would be results. “This is not an Intel (INTC) chip, these are biological creatures,” he said. “No matter how fast we want to do this, we always have to respect the laws of nature.”
