Vela Fisheries takes the big cold-water plunge

By Kirsten Trainor Smith

Friday 19th July 2002

Family fishing company Vela Fisheries is embarking on a new enterprise, fishing for cold-water prawn in New Zealand's subantarctic waters.

The Ministry of Fisheries has approved a research project in which Vela Fisheries will survey the feasibility of fishing for prawn in the coastal area from Greymouth to Dunedin.

According to Vela Fisheries South Island operation manager Chris Ludeke, the project has the potential to bring in millions of dollars to the New Zealand export industry.

"Cold water prawn gets a premium price overseas. It is big in the US where it is seen as a luxury item, a symbol of high living," he said.

"Even if New Zealand only receives 1% of the profits, that's still $200 million."

Cold-water prawns are commonly found around Norway, Iceland and Greenland. A year ago, one of Vela Fisheries captains noted the similarities between the northern hemisphere waters and suggested the company look at prawn in the subantarctic waters.

The company then approached the Ministry of Fisheries, which granted a special research permit to look at the commercial viability of the project.

Vela Fisheries' 76m vessel Sea Hunter 1 will begin a two-year survey in September. If the results of the survey are favourable Vela Fisheries will tender for the quota.

Vela Fisheries is best known for hoki fishing and exports of frozen hoki fillet. It exports a wide range of fish including hoki, orange roughy, greenshell mussels and squid.

This week the company opened a new Hamilton office, which will provide a North Island base for the company. Founders Peter and Phillip Vela, currently living overseas, have interests in bloodstock and forestry in the area.

Earlier this year the Velas put in a bid of $1.45 million to buy the Central North Island Forest partnership, which had gone into receivership. Fletcher Challenge Forests announced in April it was pulling out of an agreement with CNIFP's receiver to buy the partnership's assets. The bid failed after it emerged it did not have the means to raise the amount needed to pay the partnership debts.

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