Monthly newsletter of the tuna fishing industry

The year 1999 started with prices negotiated at $740$750/mt. By the end of January, prices had gotten as high as $850/mt with some
sellers asking $900/mt. In February, Spanish cannery prices reached $1,000/mt while Bangkok, canneries were offering to pay
$900$920/mt. Just as Skipjack prices completed a phase of recovery from the depths experienced in late 1998, the Thai canneries refused
to move prices higher. As the catches remained high in the ETP and the Western Pacific, the supply of tuna started to flood the Far East
canneries with the excess filling up the Spanish canneries. By July, Bangkok prices declined to $550/mt. Since then, prices have not
recovered and instead reached their lowest prices in many years.

More and more tuna vessels worldwide are staying in port. In the ETP, more than 60% of the fleet was in port as of the end of November. In
the UTC, about 90% of the fleet was in port in the beginning of December. This trend will continue until the early part of 2000, at the time of
the year when many canners start to think about seasonal increases in consumption.

Total Yellowfin catch as of November 29, 1999 in the ETP was 283,666 MT compared to 254,382 MT in 1998. Skipjack catch in the ETP
was 256,265 MT. That is 143,879 MT ahead of last year.

In Latin American, 85.7% of Mexico's imported tinned tuna comes from Ecuador. Imports of tuna into Mexico from Ecuador totaled $3.2
million from January to August this year. However, this may soon change. Mexico announced that a 23% tariff on tinned tuna imports from
Ecuador will be imposed. Ecuador enjoyed no tariffs into Mexico of tinned tuna since 1960. Mexican authorities believe that Ecuador has
been "dumping" tuna into the Mexican market destroying Mexico's own domestic tuna industry. There are at least 10 tuna brands in the
Mexican market.

Although the U.S. embargo on Mexican tuna was lifted in April 1999, imports of the product are expected to resume only next year due to
"remaining legal hurdles," according to industry sources. In 1990, Earth Island pushed a USA federal judge from San Francisco to impose
a tuna embargo first on Mexico and later on other Latin American countries, alleging the protection of dolphins. Predictably, the end of the
embargo has resulted in the recent filing of a similar suit by a coalition of 10 environmental groups who say that tuna caught by
encirclement should not be sold under "dolphin safe" labels. if the coalition is successful, the tuna industries of Mexico, Venezuela,
Ecuador, Colombia, Panama, Costa Rica, El Salvador, Nicaragua will be affected.

On December 1, 1999, Trinity Alimentari of Italy confirmed its talks to take over Saupiquet SA, a moneylosing French producer of canned
and frozen fish. Trinity Alimentari is a subsidiary of the Dutch Bolton Group. An insider issued a statement that due to the constant
fluctuation in the prices of tuna, there is no economic viability for a company listed in the stock exchange.

Saupiquet is 63% owned by the public and 37% owned by BNP Paribas SA's Paribea Affaires Industriales. It has a market capitalization of
89.52 million euros (approx. US$90.72 million). Saupiquet's earnings have declined each year since 1994, as the price
of fresh tuna slumped. In October, it began restructuring to help narrow its 62.8 millionfranc (US$9.69 million) loss last year. Listed on the
bourse's main market, the stock has declined about 23% in the past four years as the MIDCAC index to which it belongs has almost
doubled.

A year ago, another Italian company, Societa Ittica Europia commissioned ja a brand new plant in Sant' Agata dei Gotti, for the production of
canned tuna and sardines. The products will be sold under two brands, the "AMORE" brand for the top of the line product, meeting all the
traditional Italian requirements of a very fine tuna taste in olive oil for the classic convenience shops, and (under license) the "CIRIO-DE
RICA", another brand of excellent quality products. CIRIO-DE RICA is a well known product in Italian supermarkets, where it is the leader
in canned tomato paste, which is a must for the Italian housewives.

There are reports that the EU and Angola have agreed to extend a deal allowing Community vessels to operate in Angolan waters. The
new deal remains unchanged apart from doubling the EU's capacity to fish for tuna. The Commission issued a statement that: "The
fisheries' agreement with Angola is one of the most important to be signed with an ACP (African, Caribbean and Pacific) country. The
agreement is already provisionally in force until the Council gives the official approval. It will expire May 2, 2000. The new deal allows the
EU to double its tuna fishing in Angolan waters, including a 6 month trial period for two vessels fishing for pelagic species.

The Marshall Islands expects their revenues to triple in 1999 as a result of expanding ties with the Asian fishing industry. In the 1990s, the
Marshall Islands earned about $3 million annually from foreign fishing companies - a combination of licensing fees and spinoff revenues
to local business that supply the vessels. However, the Marshall Islands Marine Resources Authority (MIMRA) reports that the contribution
from the fisheries should reach $8 million for fiscal year 1999. The MIMRA report shows that: fishing license fees rose from US$1.6 million
in fiscal year 1997 to US$3.8 million in 1998 with the number of vessels buying licenses to fish in the Marshall Islands waters increasing
from 132 in 1996 to 279 in 1998. Majuro, became a center for tuna transshipment in 1998 when 133 shipments of tuna were made by
vessels from Asian, Pacific, and United States Fishing companies.

There are reports that a second tuna cannery will be developed in the Solomon Islands. Fisheries Minister Dr. Steve Aumanu says it will be
built at the Bina Harbour in Malaita Province by a joint venture between a Spanish company and the Malaita Provincial Government. The
minister said that the Spanish company has been allowed to invest in the Solomon Islands to acknowledge the state's continuing
assistance through the European Commission.

According to an industry report, Japan imported 18,203 metric tons of canned tuna. The major suppliers were Thailand (9,950 MT),
Indonesia (5,780 MT), and the Philippines (2,027 MT). In that year, domestic production of canned tuna totaled 6,846,839 cases composed
of Albacore (785,341) cases), Skipjack (1,302,778 cases), Yellowfin (4,686,090 cases) and Bigeye (72,630 cases).

Thailand exported a total of 25,701,000 cases in 1998. The USA remained the major export market, accounting for 30% of Thai exports, an
increase of 5% from 1997. Sales to Japan declined for the fourth consecutive year, accounting for only 4% of Thai exports. Exports to
Europe also declined. UK, the second largest market for Thailand has been bypassed by Egypt for second place. Thailand has
successfully diversified their markeis outside Europe with significant market growth in the Middle East.

Crow's NEST is provided by CASAMAR to its customers for their information only. CASAMAR is not responsible for any errors or delay: in the content or for any
actions taken in reliance thereon.

For more information on the Tuna Fishing Industry visit the Casamar Home Page at www.casamarintl.com for the
nearest full-service and sales facility in your part of the world or the latest product designed specifically for the Tuna
Fishing Industry.

Crow's Nest is the first monthly in-depth
report on the status of the Tuna Industry.
For a printed copy of the publication,
please e-mail your name and address to:
Casamar Group, Inc., and advise them
that you would like to get a hard copy of
the report.