Baffin Fisheries to Build Canada’s Largest Fishing Vessel

– FOR IMMEDIATE RELEASE –

October 29, 2021 – IQALUIT, NUNAVUT – The Board of Directors of Baffin Fisheries is pleased to announce the Company has secured financing and signed a shipyard contract for the construction of a clean-design, purpose-built, 80-metre stern trawler, to be delivered in February 2024. The new vessel is designed by Skipsteknisk A/S of Norway and will be constructed by Tersan Shipyard of Turkey, the world leaders in stern trawler design and construction. Baffin Fisheries to Build Canada’s Largest Fishing Vessel

The vessel is expected to be the largest Canadian-owned fishing vessel from coast to coast to coast, with a capacity for up to 1,320 tonnes of frozen-at-sea Greenland Halibut (turbot) or 930 tonnes of cold-water shrimp.

“This is a great accomplishment for a 100% Inuit-owned company that’s just 20 years old,” said Baffin Fisheries Chairman David Alexander in Iqaluit. “The new vessel will allow us to immediately increase benefits to Nunavut communities and improve employment opportunities and working conditions for our Inuit fishermen.”

Baffin Fisheries is owned by Inuit Hunters and Trappers Associations in five Qikiqtani region (Baffin Island) communities. The Company was incorporated Nov. 6, 2001.

Scotiabank led the incremental financing of up to $60M towards the $72M acquisition and included direct lending from Export Development Canada (EDC).  The Canadian Economic Development Agency (CanNor) is providing a $3M repayable contribution towards the vessel.

Comments:

Baffin Fisheries CEO Chris Flanagan – “The team from Scotiabank and EDC allowed us to finance this acquisition entirely within Canada, and the loan from CanNor ensured the best design/build possible for our unique Arctic fishing environment. This incredible new vessel reduces our carbon footprint, provides greater returns to shareholders, and has capacity for expansion, including the ability to harvest new species in the future.”

Sean Albert, SVP Business Banking Distribution at Scotiabank – “We are proud to support this investment in Baffin Fisheries, which will bring long term incremental benefits to Nunavut communities, and support this strong Inuit owned fishing company. This transaction co-led by our Commercial Banking Team and our Indigenous Financial Services Team aligns with our desire to continue to grow our support for the Inuit led businesses, as well as supporting the fisheries industry across Canada.”

Dan Mancuso, SVP Financing & Investment at EDC – “Baffin Fisheries exemplifies the businesses EDC is looking to support, as we continue working to ensure Indigenous companies have the same opportunities as all Canadians to take on the world and grow their international business. We’re eagerly watching as this Inuit-owned company uses this support to expand its export capacity and drive revenues in a manner that’s efficient and environmentally friendly while improving working conditions for its employees and investing in its community.”

Background

Baffin Fisheries was incorporated 20 years ago, on Nov. 6, 2001. Today the Company is the leading commercial fishing enterprise in Northern Canada, harvesting more than 10,000 tonnes of Greenland Halibut (turbot) and cold-water shrimp annually. Baffin Fisheries wholly owned subsidiary Niqitaq Fisheries Ltd. markets its products around the world, processing wild, sustainable seafood from pristine Arctic waters, for the benefit of Nunavut.

BF is owned by five Inuit Hunters and Trappers Associations: Amarok HTA (Iqaluit), Pangnirtung HTA (Pangnirtung), Mayukalik HTA (Kimmirut), Mittimatalik HTA (Pond Inlet), and Namautaq HTA (Clyde River). The Company has offices in Iqaluit, Paradise NL, Pangnirtung, Pond Inlet, and is constructing a new office building in Clyde River due for completion in late 2021. BF holds a 32% minority share in Pangnirtung Fisheries Ltd.

Fleet

Baffin Fisheries owns 100% of its fleet of three factory fishing vessels, including two large factory freezer multi-species trawlers and one factory freezer fixed gear vessel.

Health, Safety and Environment Statement

Baffin Fisheries considers effective Health, Safety and Environmental (HS&E) Management to be of the utmost importance to its business. The objective of our company HS&E Program is to prevent all workplace accidents, injuries, and illness, and to promote health, safety and the protection of the environment in every task undertaken by employees on behalf of the company.

Employee Recruitment

Baffin Fisheries believes that in addition to the revenue generated directly by the harvest of the resource, the training, recruitment, and employment of staff contributes an important benefit to local communities. It is the aim of Baffin Fisheries to have skilled Inuit and Nunavummiut throughout all levels of operations. For employment opportunities please contact Kavavow Mikijuk at [email protected].

For further information about Baffin Fisheries:

David Alexander, Chairman Eric Ootoovak, Vice-Chair Chris Flanagan, CEO
[email protected] [email protected] [email protected]
867-222-1715 867-223-2376 709-325-0679
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