Vigdís Ósk Häsler joins IAOF team

Vigdís Ósk Häsler Sveinsdóttir, attorney-at-law, has been appointed Project Manager at the Icelandic Aquaculture and Ocean Forum (IAOF). In her new role, Vigdís will oversee communications with domestic and international partners and lead the development of new initiatives related to innovation, sustainability, and value creation in aquaculture and other ocean-based industries.

Vigdís holds a BA and Master’s degree in Law from the University of Akureyri. She received her licence to practice before the courts in 2009. In 2013, she completed an LL.M. degree in International Law from the University of Sussex in the United Kingdom, graduating with distinction. Vigdís has served on the boards of various associations, companies, and election committees for parliamentary, municipal, and presidential elections.

Positive credit outlook by Fitch Ratings

Fitch Ratings has recently revised Iceland’s credit outlook to positive, highlighting increased economic diversification driven by high-value sectors such as pharmaceuticals, ICT, biotechnology – and notably, aquaculture.

Iceland holds a global competitive advantage in sustainable aquaculture, thanks to its clean energy, marine expertise, and strong environmental standards. These strengths position the country to meet growing international demand for high-quality, low-emission protein.

As exports of high-value services continue to rise – from 14% to 21% of total services exports between 2018 and 2024 – aquaculture stands out as a key contributor to building a resilient, export-driven economy capable of withstanding global market volatility.

With stronger investor confidence and a positive outlook from Fitch, now is the time to accelerate investment in the blue economy – and fully realise the potential of sectors where Iceland is truly ahead.

The World Bank’s new report "Harnessing the Waters"

The World Bank’s new report "Harnessing the Waters" highlights aquaculture as a key solution to global food security, rising protein demand, and the need for low-emission food systems. With nearly 60% of the world’s seafood now coming from aquaculture, the sector is no longer niche — it’s essential.

With the right investments, aquaculture could generate up to 22 million new jobs by 2050 and drive sustainable growth in both emerging and advanced economies.

The opportunity? A $1.5 trillion investment potential, especially in countries where small-scale farmers can scale up with support from innovative finance and better farming practices.

The report calls for stronger public-private partnerships, development finance, and green financial instruments— like sustainability-linked loans and blue bonds — to unlock responsible aquaculture at scale.

Read the report: https://lnkd.in/gP4wifz3

Minister visited First Water

Hanna Katrín Friðriksson, Minister of Labour and Industry, visited , First Water, the land-based aquaculture company last week, as the company has now put into operation its first 25 meter grow-out tanks at its facility in Þorlákshöfn. This year, the company has invested around ISK 8 billion in tanks, equipment, and infrastructure related to grow-out at its Laxabraut site in Þorlákshöfn.

Fish have already been stocked in three tanks, while First Water has been operating smaller land-based tanks since 2022. Plans are in place to complete the first of six phases by 2027, with each phase expected to have a production capacity of 10,000 tonnes of gutted salmon. The announcement notes that this capacity is comparable to the largest land-based aquaculture companies in Norway and the United States. https://lnkd.in/gDi_hhDZ

Rising Revenues but Q2 Loss for Arnarlax

Arnarlax, a subsidiary of Icelandic Salmon, posted a loss in the second quarter of 2025, citing high costs and increased mortality as key challenges to operations. However, revenues rose sharply year-on-year, and the company expects improved results when a new generation of salmon enters production in the autumn months.

According to CEO Björn Hembre, the global supply of salmon has increased, putting pressure on prices and published in a news article in Viðskiptablaðið.
The average price of 3–6 kg salmon from Arnarlax fell by EUR 2.55 per kilo compared with the same period last year. Uncertainty also remains around the impact of the 15% export tariff to the United States, with 12% of the company’s total volume going to that market.

According to the company’s financial report, revenues for the quarter amounted to EUR 25 million, more than double the EUR 9.7 million recorded in the same period last year. Operating loss (EBIT) came to EUR 8.3 million, compared with a loss of EUR 3.8 million a year earlier. Loss per kilo of salmon was EUR 2.09, an improvement from EUR 5.37 per kilo the previous year. Slaughter volume reached 4,000 tonnes for the quarter—a fivefold increase from last year—but lower market prices and mortality in the 2023 generation reduced profitability.

The company’s total assets amounted to EUR 264 million at the end of the quarter, while the equity ratio declined from 55% to 47%. https://lnkd.in/gyPEDFgF