Annualbusinessreport the Offi Cial Faroes Business Review—Highlighting Export Industry and Business Environment
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In co-operation with the Faroe Islands Trade & Tourism Council AnnualBusinessReport The offi cial Faroes Business Review—highlighting export industry and business environment. 2007 9 7 7 1 9 0 2 0 0 6 0 0 1 Kollafjord Pelagic Tel.: +298 478888 FO-410 Kollafjörður Fax: +298 478889 Faroe Islands E-Mail: [email protected] Annual Business Report 2007 ISBN 978-99918-998-2-4 ISSN 1902-0066 The very best of Published, produced and designed by PRnewsMedia.com WELCOME TO THE (North Atlantic Information Services, Spf. ) ANNUAL BUSINESS herring and blue whiting. In co-operation with the REPORT 2007 Faroe Islands Trade & Tourism Council Editor in Chief: Búi Tyril Photo Editor: Maria Olsen Contributors: and processing that makes very good sense for Quentin Bates product quality and value. Alex Cross Jeremy Cresswell Based on a multifaceted conveyor belt system, Michael Paul Reveal T’S A GREAT PLEASURE to present the 2007 Annual PUBLIK FACE Óli M. Lassen ONLY HOURS AWAY from the richest fishing grounds our powerful blast freezer tunnel utilizes an auto- Business Report—the offi cial Faroes Business Review. Now Editorial Offi ce: in its third volume, this publication sets out to highlight to ensure the highest degree of freshness, Kolla- mated first-in, first-out principle; an integrated pro- Annual Business Report c/o NAIS, Heiðavegur 15, major business events of the past year, and present the bulk fjord Pelagic is the Faroe Islands’ only processing cess from landing through to shock freezing works FO-600 Saltangará, Faroe Islands. of the players that represent the exports and characterize the plant for pelagic food fish. to secure a superb product quality. In connection Tel.: +298 449 627 investment environment of the Faroe Islands. Fax: +298 449 527 I With as little as 3-4 hours of steaming distance with whole freezing, this smooth production flow www.annualbusinessreport.com It can be said that the Report is entering a new stage as more from the blue whiting fishing grounds, we freeze ensures that from the point of passing through E-Mail: [email protected] and more business people and offi cials have had time to discover it: Printed in Denmark it’s becoming increasingly recognized as a leading authority on the fresh caught blue whiting on shore. the insulated landing pipeline, it takes maximum by Tryk Team state of affairs of the generality of Faroese business. As to the herring season, we deliver big size, 15 minutes until the fish is in the quick-freezing We’re not reporting everything there is to report from the fresh caught herring already in August. process. Copyright © 2007 remarkably lively business scene on the islands; on the contrary, we’re North Atlantic Information Services, Spf. Kollafjord Pelagic is one of the most highly Excellent international transport and logistics All rights reserved. highly selective and qualitative in our editorial considerations. In developed facilities of its kind. For instance, our services are readily available at the fast growing ALL INFORMATION PROVIDED IN THIS PUBLICATION order to give a reasonably detailed, yet broad account of events, items IS A SERVICE TO READERS AND MAY BE USED FOR in-house freezing capacity of 400 metric tons Kollafjörður harbor, where the facility is located: INFORMATIONAL PURPOSES ONLY. COMMERCIAL and persons, we seek to turn complex issues into an easily readable RE-PUBLICATION, WITHOUT EXPRESS WRITTEN per day—together with next-door access to more from regular liner service and stevedoring to reefer PERMISSION, IS PROHIBITED. format. DISCLAIMER: THE PUBLISHER ASSUMES NO The response has been amazing with enthusiastic and encouraging than 12,000mt in cold storage capacity—offers a shipping and logistics, with a large cold store only RESPONSIBILITY FOR POSSIBLE ERRORS, OMISSIONS OR INACCURACIES IN INFORMATION remarks coming from near and far. “This gives me exactly the kind of comprehensive system for pelagic fish handling a few meters from the freezing plant. CONTAINED IN THIS PUBLICATION. THE INFORMATION IS PROVIDEd “AS IS” WITHOUT comprehensive insight I’ve been looking for,” one reader said. WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO, THE Everywhere, the Annual Business Report is greeted with positive IMPLIED WARRANTIES OF BOOKS, MAGAZINES, MANAGEMENT REPORTS OR SIMILAR SOURCES OF surprise and astonishment over the advancement and wealth of the INFORMATION. THE PUBLISHER INCLUDING ALL ORGANIZATIONS AND PERSONS APPEARING IN, country it presents. “How can an island community of less than 50,000 WRITING FOR OR OTHERWISE INVOLVED IN CREATING AND OR DISTRIBUTING THIS generate so much value?” the question goes. PUBLICATION, SHALL NOT BE LIABLE FOR ANY DIRECT, SPECIAL, INDIRECT, INCIDENTAL, OR No wonder we believe this publication is not only fi lling some CONSEQUENTIAL DAMAGES, INCLUDING WITHOUT LIMITATION, LOST REVENUES OR LOST PROFITS, vacuum but indeed fulfi lling a critical need and carrying out a specifi c WHICH MAY RESULT FROM THE USE OF INFORMATION OBTAINED FROM THIS PUBLICATION. mission: to make quality information on Faroese businesses readily WHILE MAKING NO COMMITMENT TO UPDATE THE available and easily accessible to an international audience. INFORMATION CONTAINED HEREIN, THE PUBLISHER MAY MAKE CHANGES OR UPDATES TO THE We’re proud of being part of that mission. Búi Tyril CONTENT, IN PRINTED, ELECTRONIC OR OTHER FORMAT, AT ANY TIME WITHOUT NOTICE. Publisher and Editor in Chief AnnualBusinessReport 2007 • 3 GEOGRAPHY 62 Marine Electronics: Call the Cavalry • Going from scratch to taking 6 Vision 2015: Planning for the Future • Prime Minister Jóannes over a sizeable share of the domestic marine electronics market in no time, Eidesgaard on the Faroe Islands’ official strategic vision for the future, MP Teknik secured some good contracts to see demand soar among ships pointing out some “appropriate instruments to pursue the objectives and and boats in home ports as well as in Greenland. implement the strategies laid down in Vision 2015.” 64 Enter the Lion • Launching a behemoth Red Lion midwater trawl in 8 Building the Northwest • As Iceland and Faroe begin to exploit the a new bid to attract the redfish segment, the Faroes’ fast growing fishing potential of a new economic union between the two countries, the Hoyvík gear manufacturer Vónin snatches a 22-percent share of world leader Agreement is seen as the charter for a redoubtable economic zone, as solid Hampiðjan. and as formidable as the basalt that forms the very heart of the Faroes. 66 Turning South, Bergið Style • Drawing on the expert knowledge of 14 Privatizations: Golden Opportunities Presented • A growing influx experienced skippers and trawlermen—and with business growth solid as of foreign businesses has made the Faroes a highly competitive environ- seacliff—Bergið Fishing Gear is working to attract foreign vessels to try ment—with upcoming privatizations of government owned companies set its specialty bottom trawls. to attract new attention from international investors. 68 Working the Larsen Magic • Believed to offer the best lift to drag 16 Classy Cultural Center Expands Conference Capacity • More ratio of any pelagic door design on the market, Injector’s new Stealth F15 than an architectural gem and a must see for any visitor to Faroe, the trawl door demonstrates exceptional spread at minimal drag—promising Nordic House is becoming increasingly popular as a conference center, high catch rates at low fuel consumption. with pretty good reason—and with a stylish extension underway. 70 Samskip Places Faroes at Center Stage in Corporate Identity • 18 Trade & Tourism: Another Phase, a New Face • The recent merger After several strategic acquisitions, Samskip is refocusing its corporate of the Trade Council and the Tourist Board into one Trade & Tourism identity around its own name while redefining its main business units: Council is likely to remain high on the new managing director’s agenda Iceland and Faroe Islands Service, Multimodal Container Logistics, and for a while—but it doesn’t stop her from bringing scores of innovative Worldwide Reefer Logistics and International Forwarding. ideas to the table. 72 Klaksvík’s Trump Card Terminal • A deepwater terminal that affords 20 Care to Dine with a View? • If branding the Faroes involves setting 36 Maru Seafood: Emerging as New Major • Presiding over the 50 Seafood Trader Delivers • For 20 unbroken years, Landshandilin has large trawlers, container ships and cruise liners superior maneuverabil- up some spectacular tourist attraction, Elin Heinesen presented what country’s largest whitefish processing plant, two smokeries, eight fishing built up a strong and independent trading operation that specializes in ity—together with a giant underwater tunnel that links the town to the could become the ultimate experience for domestic and foreign visitors vessels, and a well-trained sales force, Maru Seafood is now an integrated bringing top quality fish products—fresh, frozen, salted—from the Faroes rest of the country—is a key ingredient in Klaksvík’s bid as the best port alike—a marvel of a Cold War museum offering a majestic view of the fisheries group—and a main player in the Faroese seafood industry. and Iceland to international markets. in the Faroes. mountain tops. 38 Pelagic Powerhouse • One of the world’s most highly developed 52 Vestsalmon: Doing It Right in Aquaculture • According to 74 Enhancing Services at Leading Pelagic Port • The Port of pelagic filleter ever to be built, the new factory trawler Norðborg is set for Vestsalmon, sea farming industry leader in the Faroes, success in Fuglafjörður has added a deepwater terminal to offer heavy fuel oil while FISHERIES, SEAFOOD INDUSTRY delivery by mid 2008—a huge investment for Klaksvík family company aquaculture requires practices that combine the most rigorous quality at the same time giving cod fishing some new consideration—yet the Christian í Grótinum. controls with the art of giving juvenile fish adequate space, time and mayor has more in store for the home of the pelagic fishing industry.