Undercurrent News aims to provide accurate, transparent price assessments for the groundfish sector. These assessments will reflect key market trends and offer clarity for buyers, sellers, traders, and other participants within the supply chain.

All assessments listed here follow the IOSCO-aligned Undercurrent News Price Reporting Methodology, which provides transparency and clarity on data collection, pricing criteria, and assessment processes. For more details, please refer to our methodology principles.

Our methodologies are updated periodically to reflect the latest market standards and practices. When changes are made, subscribers will be informed through our regular publications and communications. Our market reporting team can address questions or provide additional guidance on methodology details or assessment-related inquiries. They can be contacted at [email protected].

 

Product Coverage and Specifications

Overview

Our groundfish market assessments cover various categories and product types, sourced globally. Products are categorized by species, processing type, and origin, providing detailed and segmented price reporting.

Categories

 

Pricing Basis and Volume

Pricing Structure

  • Single and Twice-Frozen Products: Prices are listed as ex-warehouse, representing the cost of goods available at the seller’s warehouse.
  • Processed Blocks: FOB New England basis, indicating the point at which responsibility transfers from seller to buyer.

Transaction Size

All prices reflect less-than-truckload (LTL) volumes, which aligns with industry norms and provides a realistic picture of market values. Prices are stated in $/lb, the standard unit for groundfish pricing.

 

Hierarchy of Data Collection for Price Assessments

Our methodology prioritizes data to ensure accuracy and market reflection:

  • Verified Transactions: Independent, confirmed trades are prioritized to form the basis of our assessments.
  • Market Bids and Offers: Validated bids and offers open to the market are considered.
  • Supplementary Market Information includes relevant data on trends, related product relationships, and general market activity.
  • Participant Price Evaluations: Where needed, we use general indications from experienced market participants to supplement transactional data.

Quotation Timing and Frequency

Publication Schedule

Groundfish prices are updated and published weekly on Wednesdays at noon EST to capture timely and accurate market shifts.

Daily Data Collection Window

Data is gathered daily from 8:00 a.m. to 5:00 p.m. EST, capturing current trading information to feed into upcoming assessments.

 

Terminology and Definitions

Key Terms

  • Single Frozen refers to fish frozen only once immediately after being processed, often close to the point of catch. 
  • Twice Frozen refers to fish that has undergone two separate freezing processes during its production cycle. Typically, the first freezing occurs at or near the fishing grounds, preserving the raw fish immediately after it is caught. This frozen raw material is then shipped to processing facilities where it is thawed, filleted, or further processed, and then frozen again before being exported to final markets.
  • FAS: Product that is frozen at sea
  • Ex-warehouse: International trade (INCO) term where seller makes product available at a designated location (warehouse), and the buyer is responsible for the transportation costs.
  • FOB (Free on Board): International trade (INCO) term where seller makes product available at a designated location (usually a port of shipment), and once loaded on vessel, the buyer is responsible for the shipping costs, insurance and liabilities.
  • IQF (Individually Quick Frozen): a freezing method in which each piece of seafood, such as a fillet or shrimp, is frozen individually rather than in a block. IQF preserves each piece's shape, texture, and quality, allowing for easier portioning and minimizing clumping or sticking together.
  • Shatterpack: A shatterpack is a packaging method used in the seafood industry, where frozen fillets or portions are layered with sheets of plastic to prevent them from sticking together during the freezing and storage process. This allows for easy separation of individual pieces without the need to thaw the entire box. By simply dropping or "shattering" the carton on a hard surface, the frozen portions can be quickly accessed for use, making it a convenient solution for foodservice and retail operations requiring portion control and quick counts.
  • LTL (Less-Than-Truckload): A standard transaction size in the seafood industry, enabling multiple smaller shipments to share transportation costs, which aligns with realistic market values.