The UK’s fishing fleet generated over £1 billion in income for the third consecutive year

It is expected to have increased its operating profit by 26% between 2023 and 2024, according to Seafish’s latest Economics of the UK Fishing Fleet report.

However, behind this optimistic UK-wide picture lie very mixed fortunes for different fleet segments, Seafish warns.

The report presents economic estimates at UK, home nation and fleet segment level for the UK fishing fleet. The estimates are calculated based on samples of fishing costs and earnings gathered by Seafish as part of the 2024 Annual Fleet Economic Survey.

Explaining the mixed picture presented in the report, Seafish Senior Economist Dr Dana Wright explained: “Trends in fleet performance in 2024 were mixed and varied substantially according to the costs and earnings structures of each fleet segment. Increased landings and/or fish prices drove performance for some fleets, and most fleets benefited from lower fuel costs.

“The overall increase in turnover has been driven mainly by the UK’s pelagic fleet. For other fleet segments, the picture is unfortunately not so bright. For example, average income and operating profits of Nephrops fleets are estimated to have reduced over the last year while 37% of survey respondents across all fleet segments rated their economic performance in the last 12 months as poor or below average. Just a quarter reported their performance to be excellent or above average.”

Headline results from the report shows that:

• The UK fleet generated approximately £1.15 billion in fishing income in 2024.

• Turnover in 2024 rose to £1.2 billion

• Operating profits are expected to have risen by 26% from £267 million in 2023 to £337 million in 2024.

• The UK fishing fleet landed 716,000 tonnes of fish and shellfish in 2024.

• Mackerel was the top species landed with 226,000 tonnes.

• Landings increased by 15% over 2023, primarily due to higher catches of key pelagic species.

• The UK fishing sector had 7,263 full-time equivalent jobs in 2024.

• There were 3,785 active vessels in the fleet.

The picture for each UK nation

England: The fleet size reduced by 4% in 2024 compared to 2023, continuing a post-Covid rapid decline. Despite this, there was a strong growth in operating profit, up 77% in 2023 and expected to rise another 69% in 2024 from £33.6 million to £56.7 million as fuel price pressure reduced. Gross Value Added (GVA) is expected to be £145 million in 2024, averaging 16% annual growth since 2022.

Scotland: The Scottish fleet in 2024 showed a similar trend to the English fleet, with a reduction of number of active fishing vessels by around 4% to 1521 and similar reduction in fishing effort. However, fishing income has risen by 11% to £735.9 million, while operating profit is expected to be showing growth of 22% and stands at £251.6 million. GVA is up 19% at £446.9 million. Employment is steady, with the fleet supporting 3,601 full-time equivalent (FTE) jobs. Fishing effort per vessel averaged 86 days at sea in 2024.

Wales: The under 10 metre vessels segment dominates the Welsh fleet making up 90% of all active vessels. Last year saw a 33% increase in active days at sea but despite this additional effort, overall operating profit was down almost 10%. GVA generated by the Welsh fleet is also expected to decline by 7% to £6.5 million in 2024. There is better news for employment figures, with full-time equivalent jobs in the under 10m segment having increased 50% from 38 in 2023 to 57 in 2024.

Northern Ireland: Vessel owners and skippers in Northern Ireland indicated that costs associated with Skilled Worker Visa (SWV) requirements were impacting their bottom line. All three Northern Irish fleet segments experienced decreases in average income, coinciding with reduced fishing activity. The new regulations pertaining to transit visas require vessels hiring foreign workers to fish outside of the 12-nautical-mile zone or acquire a SWV. When asked about how this affected their operations in the last year, several respondents reported having to fish outside of this zone due to the prohibitively high costs of obtaining these visas. These areas might be less productive for fishing, negatively impacting their earning potential. The fleet did see a fishing income of £72.6 million and an operating profit of £23.5 million.

To access the full report, visit: 2024 Economics of the UK Fishing Fleet — Seafish