Fishing holds revenue potential for CNMI

The CNMI should begin developing its potential in the fishing business to serve the huge local market on the island just like Hawaii, as an alternative source of revenue, according to James D. Cook, chairman of Western Pacific Regional Fishery Management Council.

Cook said the CNMI can also serve as transshipment point for long line vessels with its modern airport and seaport facilities. “It may take a while to develop, but it will happen because the CNMI already has a ready market with its huge tourism industry,” he added.

With only 40 longliners in 1986, Hawaii now has 125 longliners with a $100 million fishing business.

The island’s major domestic fishery resources is the troll fishery for skipjack, yellowfin, wahoo, mahi mahi and billfish. Second is the bottomfish fishery which centers primarily around the islands and banks from Rota to Zealandia Bank north of Sarigan (about 100 miles north of Saipan).

A company on Guam has already proposed to the Commonwealth Ports Authority the establishment of a fishery facility on the island-municipality of Tinian.

YTK Corp. is planning to finance and construct a fishing facility that will service the longliner fleet currently operating in the Pacific region. It will be responsible for the loading of frozen tuna in containers for transshipment to Japan via an aircraft.

The company hopes to service at least 150 longliners per month which will stay for at least three days in Northern Marianas to off load frozen tuna, receive fuel and provisions.

A consultant on fishery development has also urged government of Pacific islands to draw up a national plan that will set the development of a viable tuna industry in the region so that they can control and manage the $4 billion annual revenues generated by the tuna resources.

“By working cooperatively with independent industry experts, all island nations can establish new sustainable industries which will be there forever if they are properly managed,” said Peter Wilson, president of Global Ocean Consultants.

Processing of some 40,00 metric tons per year of tuna alone will create approximately some 1,000 employment and gross revenues of about $66 million.

If 10 tuna canneries are established on the islands, each of which processes 40,000 tons a year, they would not even be able to process half of the tuna being harvested by purse seiners today. Each port in the region that will provide purse seiner services can each earn as much as $26 million.