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
Cape Cod Fishing Community
• Cape Cod Geology and Ecology • Small Boats (Capt. & 1-2 Crew) • Owner Operated and Family-
Based • Diversified & Opportunistic.
(Groundfish, Lobster, Scallop, Tuna, Skate, Dogfish, Monkfish)
• Culturally important • Good Cape Cod jobs. • Low impact gears.
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.
• End Overfishing. • Reduce Bycatch and Waste. • Decrease gear habitat
impacts. • Improve safety at sea • Improve prices and profits.
Catch Shares Benefits
• 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.
Catch Shares Costs
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.
Scallop IFQ Trends
• Low Cape Cod allocations.
• Expensive Quota. – 2008 = $6 per lb – 2013 = $37 per lb
• Leasing is 40% of ex-vessel price.
• Rapid Consolidation. • Specialized Businesses • Young fishermen want
to get in but very competitive.
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.
CCFT Vision and Goals
• 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
The Cape Cod fishing industry is vibrant, sustainable, and a model for other fishing communities.
Guiding principles for our lease activities are:
• Supporting future generations of fishermen
• Encouraging Diversification
• Providing Services for Business Improvement
Guiding Principles
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.
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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