Nunavut fishing groups reel in joint venture

Two Baffin Island fishing groups announced Feb. 22 they’re launching a new company that will manage fishing vessels, turbot and shrimp quota.

Cumberland Sound Fisheries of Pangnirtung, and the Arctic Fishery Alliance, representing groups from Qikqitarjuaq, Grise Fiord, Arctic Bay and Resolute Bay, are joint owners of the newly-formed Umiat Corp.

In a statement, Umiat chairman Roger Alivaktuk said the new company will operate two fishing vessels, 3,360 metric tons of turbot quota and 2,050 metric tons of shrimp quota.

“The two organizations by working together in this way will ensure that vessels and quotas are operated in the most efficient manner possible in order to maximize the economic benefits our five communities will receive from the commercial fishery,” Alivaktuk said.

Umiat says it’s the first 100-per cent Inuit-owned company to operate in Nunavut’s growing fishing industry.