HomeIndustryLobster Price Drops From Record High

Lobster Price Drops From Record High

Lobster prices were record setting in lobster fishing areas (LFA) 33 and 34 in March, peaking at a whopping $17.50/pound wharf side.

“It’s the highest we’ve ever paid for lobster since I’ve been in it,” said Mike Cotter of Cotter’s Ocean Products in Lockeport, whose been in the business for 41 years.

As March was coming to an end, talk was the price was dropping to $15 to $15.25/pound. “It’s that time of year. In a couple of weeks you’ve got the other seasons opening up,” said Cotter.

While the weather limited the fishing days in March for the southwestern Nova Scotia fleet, “down here the little inside boats have been able to watch the weather. Sometimes they go out at dinner time and come in after supper and sometimes they go out after supper. It’s been all crazy hours for us the last month,” said Cotter.

The strategy worked with fishermen picking up several crates a trip. Two or three crates at $17.50, you don’t need a lot of lobsters,” said Cotter.

Market-wise, “everything is up in arms right now,” said Cotter, with China shut down due to COVID-19 and very little lobster going to Europe because of the Russia-Ukraine war.

The LFA 33 and 34 commercial fisheries close on May 31.