Inuksuk II arrives in Canada to begin trial fishing operations
Baffin Fisheries purchased 80-metre trawler in 2021 for $72.5M
The Inuksuk II pulls into St. John’s Harbour, Newfoundland and Labrador, after completing its journey from Turkey, with plans to set out for Iqaluit when ice conditions improve. (Image courtesy of Baffin Fisheries)
Baffin Fisheries’ Inuksuk II fishing vessel has finally arrived in Canada, after being returned to its manufacturer in Turkey for auxiliary engine repairs while on its maiden voyage last October.
The 80-metre factory freezer trawler docked at St. John’s Harbour in Newfoundland and Labrador on Wednesday, marking the end of its journey across the Atlantic Ocean and the beginning of its trial operations in Canadian waters.
Baffin Fisheries CEO Chris Flanagan, some senior board members and three staff from Nunavut gathered in the narrows of the harbour to welcome the ship.
“It’s almost surreal to have it finally delivered, and to know finally that everything is going pretty well was a very good feeling,” Flanagan said.
“I wish it was in Nunavut because that’s where the owners are and that’s its home, but we will be coming to Iqaluit as soon as the ice permits.”
In October 2021, Baffin Fisheries announced its purchase of the $72.5-million ship, which it said was the largest Canadian-owned fishing vessel.
While travelling from Turkey to St. John’s in October, the ship experienced engine troubles and had to dock in Greece for close to two weeks for repair.
After that, it returned to Tersan Shipyard in Yalova, Turkey, where it was built, to address issues with its auxiliary engines.
“It wasn’t a lot of work; it just took a lot of time to wait for parts,” Flanagan said.
“Although we could have crossed without that auxiliary engine, we chose to fix it in Turkey, which was the most cost-effective and efficient solution. But parts had to come from Japan.”
The repairs, which included cutting a hole in the side of the vessel to install the necessary components, were completed by late December.
The Inuksuk II set out in early January and completed the 15-day crossing without further issues.
Now docked in Newfoundland, the vessel is preparing for fishing trials — the first step before full operations begin — to test its ability to harvest and process turbot and shrimp.
The trials will involve technicians from the shipyard, the factory manufacturer, and other key component suppliers, as part of the sale agreement.
“I’m sure there’ll be tweaks to the equipment and things to reprogram, and we’ll figure all that out before we go fishing off the coast of Labrador,” Flanagan said.
He said that after the ice breaks up, the ship will be able to leave for Iqaluit for its official christening ceremony.
“We’ll have a few fishing trips under our belt, and the crew will change from one rotation to the other a couple of times before we get there,” he said.
Does anyone know the annual revenue for Baffin Fisheries? Tried the website; no disclosure there
They make billions and we get nothing 🙄
Who would you get anything unless you are working on the vessel ? The sense of entitlement is pretty strong here.
BFC don’t make billions! If you want a share, I encourage you to take the fisheries course offered by NFMTC. That’s the only way you will get your share from fishing companies.
The total catch for the entire offshore fishery can’t be more than $200-$300 hundred million, and BFC isn’t the only company operating. So their revenues are probably measured in the $10s of millions.
Time for some financial literacy.
Last year, NNSL reported that Baffin Fisheries realized $130M in turbot sales, $93M in shrimp sales, and $300K in Char sales. In total, in their best year ever, $223.3M in annual revenue.
I have no clue about their costs, but they would be significant; fuel, salaries, leasing vessels, training, insurance, packaging, etc.
Seeing how the only fish plants in Nunavut are operated by the Nunavut Development Corporation, this activity is not lucrative or highly profitable; the fish plants are subsidized by GN to keep their doors open.
In sum, fisheries is no-where close to being a billion dollar industry in Nunavut.
And perhaps, it never should be. If we were making that much from fish, you could seriously question whether that was sustainable or not.
So they make billions. How do you know. They spend millions. They must employ staff. You want your fair share. Earn it. Go see them, apply for a job. That’s how you earn your share. Why should it be handed to you.
People who does not understand fishing business is always given guessed numbers and would have public wondering all the time ,
A ship this size will have a tank of half a million liters , take the guessed cost just for fuel,
You only see the small picture of operations and loan to pay $72milion for this ship ,
Yes this ship will should last minimum 30 to 50 years ,
And yet get another one built to replace Sivuuliq possibly in 20 years and witch will be double the cost from this one ,
Anyone question QC as we wanted to join take 2 ships built for lower cost ,
Nope they went on there own and heard there same size ship being built was over $100 million todate yes ,
QC gave A PSA before BF gave a announcement and here it is reality for a Baffin Fisheries Boat ,
Play smart elect the right people and you will have things turn for the right reasons Future tells good stories.
Thank you
David