AgriMarine has initiated a joint venture for a commercial-scale research project for the rearing of Yellow Croaker in a solid-wall containment system. The joint venture project is an important step for the Company as it advances its solid-wall containment technology into other high value species in China. Yellow Croaker (Larimichthys crocea), a warm-temperate to subtropical fish, is one of the more highly valued fish in China, due to both its scarcity and flavour. Yellow Croaker is currently reared in near-shore net cages in southern China (primarily Fujian Province); however, poor water quality from local industrial pollution and disease outbreaks have contributed to generally poor flesh quality and low yields.
The value of annual sales of farmed Yellow Croaker in China is over $460 million USD representing production of approximately 70,000 metric tonnes, having similar market size as the British Columbia salmon farming industry. This is the first project for the intense rearing of Yellow Croaker in closed containment in China, with waste removal for land disposal.
About the City of Zhoushan
The city of Zhoushan is located on an island in the in the northeastern Zhejiang Province, in China. It consists of several islands. The Zhoushan Sea, one of the most famous fish grounds in the world, is one of the major producing areas of Yellow Croaker. Prior to 1984, extreme overfishing resulted in significant population declines. While the yellow croaker populations have been replenished, they are still considered a rare delicacy in China.
About Zhoushan Fisheries Institute
The Zhoushan Fisheries Institute (ZFRI) is a government held research and development institution, specializing in the laboratory culture of warm water species with potential commercial value. The Fisheries Institute will provide husbandry expertise and the facility to house the technology provided by AgriMarine. The design and construction management was provided by AgriMarine’s Canadian staff and advisors, with all equipment supplied by Chinese manufacturers. Together, AgriMarine and ZFRI will develop a full scale solid-wall containment farming operation, which will be based on the successful outcome of the commercial scale trials and market acceptance of the fish branded as sustainably raised in a solid-wall containment system.