Snow crab sets auction record

By Don Ehrlich :: November 27, 2019

On November 6, 2019 a 1.27 pound snow crab set a world record at auction when it was sold for $46,000 (5 million Yen). The first and best catch of the season is a lucky win for bidders, as it’s expected to bring success to whomever takes home the prize crustacean. As the rest of the first day unfolds, further bids come in lower and lower as more stock is moved, the rush of being first wearing off and showing a return to normal pricing levels. The pomp of a first catch isn’t limited to snow crabs; in fact almost yearly, bids on the first Bluefin tuna on the first auction day of the season regularly reach up over a million dollars.

In January 5, 2019, the most recent Bluefin opener sold for $3.1 million in Tokyo. However Japan isn’t the only market for these catches. Snow crabs, Tuna, and other goods are caught and sold in other locations, including Alaska, but the cultural impact of that initial sale is missing so there aren’t headline driving stories about the first and best auction at the season opener. Prices can be higher in Japan as well considering the travel necessary for moving commodities to the island nation.

We at CFI work closely  with carriers for cargo headed to Asia to ensure it receives the highest quality transportation method for fresh or frozen, seafood, produce or other “perishables”.  The transit, temperature control, atmosphere control and destination handling of perishable cargo is our specialty.  With our seamless international connections within Kuehne + Nagel Fresh Chain, we can offer the best pricing and transit solutions for your supply chain.  We do understand that delays, no matter their cause, can have financial repercussions for importers and exporters.  If you are concerned about moving perishable cargo into or out of Asia, we encourage you to reach out to your CFI representative and utilize the CFI-Kuehne + Nagel Fresh Chain connections.

Photo courtesy of CNBC.