Frabelle adds ship to tuna fishing fleet

Frabelle adds ship to tuna fishing fleet | Daily Tribune

Frabelle Fishing Corp., one of the world’s leading fishing groups, has unveiled its latest addition to its tuna fishing fleet, Red Robin 88.

The new tuna purse seiner seeks to bolster Frabelle’s fishing capacity in the Western Pacific Ocean and help local canneries increase production for both the domestic and export markets.

“The deployment of Philippine-flagged Red Robin 88 in the Western Pacific is expected to increase Frabelle Fishing’s annual tuna catch by at least 8,000 metric tons, most of which will be delivered to canneries in General Santos City,” said Floyd Tiu Laurel, president of Frabelle Fishing Corp.

During the vessel’s launch, Tiu Laurel stressed the company’s commitment to support the local tuna processing industry.

“Increasing tuna deliveries to the Philippines is our contribution to the growth of tuna processing, an industry that has helped fuel our company’s growth. We’re hopeful that the government will provide additional incentives to further drive expansion and growth of the tuna canning industry,” he added.

According to the Philippine Fisheries Profile report from the Bureau of Fisheries and Aquatic Resources for 2022, the commercial fisheries sector achieved a total production of 862,686 million metric tons, valued at P74.93 billion.

Among these fisheries, tuna stood out as the largest contributor, accounting for 335,210 metric tons of the total production volume.

In terms of foreign trade performance in 2022, the Philippine fishery industry reported a net surplus of $292.25 million, with total exports valued at $1.21 billion.

The export volume of fishery products increased by 9.41 percent, with tuna, seaweed, and crabs collectively representing over 58 percent of export value. Tuna retained its position as the leading fishery export, with its volume rising by 17 percent to reach 106,923 metric tons, valued at $403.5 million.

$8.9-B market

The global market size for canned tuna was estimated by international market research and management consulting company, Global Market Insights, at $8.9 billion in 2022 and is anticipated to grow to $13.8 billion by 2032.

This robust market growth presents significant opportunities for expansion within the local canned tuna industry, highlighting its potential for substantial development in the coming years with assistance and incentives from government.

The introduction of Red Robin 88 aligns with the Philippine government’s push to enhance food security, increase fishery exports, and attract investments in the industry to generate more jobs and boost economic growth. Established in 1966, Frabelle Fishing is the flagship company of the Frabelle Group, renowned for its diverse interests including deep-sea fishing, aquaculture, canning, food manufacturing, processing and more.