To get its product to international markets in the most efficient manner possible, Baffin Fisheries offloads ready-for-market, premium frozen seafood products year-round at ice-free ports in Newfoundland, and seasonally in Greenland. In 2013-14, Baffin Fisheries invested in the completion of a new operational warehouse in Paradise, NL. This investment will enable to Baffin Fisheries to reduce costs associated with warehouse rental, while increasing the value of Company assets.
The custom-designed warehouse space allows Baffin Fisheries to increase efficiency of storage and supply services for its vessels. The building was constructed to allow for rental space for other organizations, providing additional revenue. This strategic infrastructure development allows Baffin Fisheries to increase the benefits to its member organizations and the Nunavummiut.
Cold Storage Facility
Currently all product harvested by Baffin Fisheries is offloaded into third-party cold storage facilities in Newfoundland or Greenland. This process provides for consolidation of product and improves the cost of shipping the product to its final market destinations. Recognizing that these facilitates are integral to the delivery of product to market, Baffin Fisheries is assessing its operations and reviewing the possible development of a cold storage facility in Nunavut, possibly with the capability to expand into processing.
Baffin Fisheries will continue to evaluate market conditions as well as cold storage and shipping options as it continues to enhance its operations and maximize benefits to Nunavut.