Case Study: Cape Cod Fisheries Trust

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Case Study: Cape Cod Fisheries Trust

  1. 1. Cape Cod Fisheries Trust: Solving a Community Resource Access Problem: Atlantic Sea Scallop Example A Working Conference on Social Impact Investing For Sustainable Fishing Communities April 10-11, 2013
  2. 2. Cape Cod Fishing Community • Cape Cod Geology and Ecology • Small Boats (Capt. & 1-2 Crew) • Owner Operated and FamilyBased • Diversified & Opportunistic. (Groundfish, Lobster, Scallop, Tuna, Skate, Dogfish, Monkfish) • Culturally important • Good Cape Cod jobs. • Low impact gears.
  3. 3. Catch Shares • Improve management and conservation performance. • Annual science-based quotas. • Fishermen allocated quota shares. • Quota market for lease and sale. • Rapid price appreciation. • Fails to prioritize social concerns and may threaten communities.
  4. 4. Catch Shares Benefits • End Overfishing. • Reduce Bycatch and Waste. • Decrease gear habitat impacts. • Improve safety at sea • Improve prices and profits.
  5. 5. Catch Shares Costs • Efficient gears advantage. • Small Businesses disadvantage • Young fishermen cannot finance quota. • Crew pay is cut • Defer maintenance, insurance and safety equipment. • Specialize and lose business diversity.
  6. 6. Atlantic Sea Scallop Fishery • Largest wild scallop fishery in world. • Use a scallop dredge. • Not overfished • No overfishing. • $400-600M fishery • Stable & high price • High population levels • MSC Certification Process • Rotational management. • IFQs for inshore fleet.
  7. 7. Scallop IFQ Trends • Low Cape Cod allocations. • Expensive Quota. – 2008 = $6 per lb – 2013 = $37 per lb • Leasing is 40% of exvessel price. • Rapid Consolidation. • Specialized Businesses • Young fishermen want to get in but very competitive.
  8. 8. CCFT Solution CCFT runs a business that: • Buys quota from retiring fishermen. • Provides affordable leasing to qualified Cape Cod businesses. • Helps local fishermen improve their business competitiveness. • Offers business planning and other business technical assistance.
  9. 9. CCFT Vision and Goals The Cape Cod fishing industry is vibrant, sustainable, and a model for other fishing communities. • • • • Cape Cod fishing businesses are strengthened. Cape Cod fishing resources are protected. Fishing as a way of life is maintained in Cape Cod communities. A sustainable community based model is developed
  10. 10. Guiding Principles Guiding principles for our lease activities are: • Supporting future generations of fishermen • Encouraging Diversification • Providing Services for Business Improvement
  11. 11. Who’s  Eligible? • Cape Cod resident • Owner operator. • Share to local crew. • Pay Taxes & Fully Insured • Regulatory compliance • Maintains strong business operations. CCFT’s  community  model  improves  management  performance   for the environment, the fishermen and local economy.
  12. 12. Impacts & Opportunities • 13 Vessels 62 fishermen. • Leased 160K lbs scallop. • Fishermen saved $280K on leasing. • Direct $2M scallop value to Cape Cod Fishermen. • Increasing demand for quota and services. • Launching a Revolving Loan Fund for fishermen to buy their own quota.

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