The amounts of frozen fish landed in the Faroes are huge; but a deteriorating outlook for the blue whiting fishery may force the ports and shipping sector to look for alternative routes to business growth.
MAY 2009 (North Atlantic News). As duly noted by the CIAs World Factbook, the Faroe Islands is an archipelago strategically located along important sea lanes in northeastern Atlantic a country surrounded by sea, and a culture characterized by marine related concepts of the world. The Faroese are known as a nation of seafarers.
Last years record breaking volumes of transit cargo via Faroe are not likely to recur in 2009, yet todays downturn might be offset by future marine traffic from Barents Sea oil and gas.
The arrival of the worlds most advanced pelagic trawler renews optimism for the Port of Klaksvík where storage and docking facilities at the North Quay deep-water terminal are set to attract new business.
Toftir Harbour had a new terminal for cargo built just in time to accommodate an increase in traffic, providing Fresh Link with the right infrastructure for the vital export of fresh seafood to Scotland.
As offshore services supplement fishing and aquaculture industries, business development at the Port of Runavík takes a wider perspective with the reorganization of the port authority.
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It's a great pleasure to present to you the fifth volume in this series — the 2010 edition of the Faroe Business Report. For certain reasons there was no 2009 edition; we did promise, however, that the Report would be back this year and that we would bring further improvements to the unique service that it already represents. Frankly, I do believe this one is the best edition to date and I hope you'll share my enthusiasm once you've had a moment to check it.
Búi Tyril
Publisher and Editor in Chief