Monthly newsletter of the tuna fishing industry

The first tuna transhipped from the Western Pacific arrived Ecuador mid-August. The carrier arrived in Manta with about 7,OOOMT of
Taiwanese and Korean skipjack for Bumble Bee and Star-Kist. Both canners were experiencing skipjack shortages due to poor fishing by
the local Ecuadorean fleet. It has been reported that temperature in the Guayaquil gulf is 2°C below normal (around 18°C and 19°C). This
has caused the skipjack to move to warmer waters. There are reports that fish has moved very close to the Galapagos Islands. Galapagos
Islands is a nature conservation area and has a 40-mile limit for fishing.

Prices of raw tuna have been holding steady through August. The Skipjack price for 4-7.5lbs in Bangkok is still about $400 per MT. Prices
in Ecuador are about 8%-12% higher and increasing. Fishing continues to be fair in the Western Pacific, and relatively slow in the Eastern
Pacific. The price of skipjack in Colombia is about $850/MT.

With fuel prices increasing steadily, new markets opening for WTP fish, and ETP operators from Mexico down to Ecuador faced with "no
fish" and a "veda" officially scheduled for September 15 (announced in the local Manta newspaper), these mulish Bangkok prices may
soon have to yield.

According to IATTC reports, the total yellowfin catch in the ETP as of August 28, 2000, was 190,941 MT, compared to 205,933 MT in the
same period in 1999. The skipjack catch in the ETP for the same period in 2000 was 176,5 86 MT, compared to 185,495 MT in 1999. The
bigeye catch in the ETP for the same period in 2000 was estimated at 57,739 MT.

On August 15, Thai Union reported that their second-quarter profits fell 47 percent as plunging tuna prices cut sales and squeezed
margins. Thai Union earned a lower-than-expected 242 million baht per share in the same period a year earlier. Profit margin narrowed to
14.7 percent, from 17 percent, as tuna prices plunged to near 30-year lows, the company said. In a statement, President Thiraphong
Chansiri said record tuna catches pushed down the price of tuna by about 40 percent from the first quarter. Most of Thai Union's processed
products are sold on a retail basis through its customer's brands, except for Chicken of the Sea, the world's third bestselling, which Thai
Union bought in July 1997. About half of Thai Union's revenue comes from tuna, with the rest from other frozen seafood, such as shrimp
and fish. The company's frozen shrimp unit was the best performer, Thiraphong said. Shrimp prices rose as catches in Ecuador, one of
the world's biggest shrimp producers, declined. OveralL sales declined 19 percent to 3.96 billion baht.

In the New York Court of International Commerce, Judge Judith Barzilay rejected two appeals lodged by environmental groups to
re-establish the tuna embargo against Mexico. Meanwhile, Mike Palmer, leader of Earth Island (one of the claimants), said he was
"disappointed" with the resolution and warned that his group would take action to boycott the entrance of Mexican tuna not carrying the
"dolphin safe" label in the American market. To achieve his aim, the group plans to organize an active campaign to prevent supermarkets
from buying Mexican tuna. Representatives from the Mexican government advised that they will form a team that will gather information
available to be handed to the U.S. government through consular representations as arguments to appeal against the decision of Federal
Judge Thelton Henderson from San Francisco regarding the "dolphin safe" label.

The U.S. Customs Service in August began blocking imports of Yellowfin tuna from Spain and Panama until those nations meet
dolphin-safe standards. Customs took the action August 3 to settle a lawsuit brought by the company, JMS Trading, which imports
yellowfin tuna from Mexico. The company had sued the U.S. government, contending Customs unfairly allowed tuna imports from Spain
and Panama, two nations that have less-strict rules to ensure that tuna is caught with nets that do not harm dolphins.

In August 1999, PIRIOU yards of Concarneau had won the order from the "France Thon" group of 2 sister ships: tuna freezer purse seiners.
The length is 65 meters and the width 12.4 meters fitted with a 2950 kilowatt Wartsila diesel engine. The fish wells have a capacity of 1200
cubic meters (850 tons of frozen tuna). The price per unit is about FFr 91 million (US$12 million). The first one is named "Cap St Vincent" to
be delivered to its owners around November and the second one named: "Steren7 to be delivered in 2001. The "France Thon" purse
seiners are managed by "C.M.B." chairman Mr. Jean Yves Labbe, heir to an old family of very professional boat owners and ship
managers. The boats will be fishing in the Indian Ocean. It is to be noted that there are no more boats being constructed under "French"
interest due to the crisis of the frozen tuna market prices.

In Concarneau, a "mediterranean-type" small bluefin purse seiner called the "Jean Louis Raphael 2" has been fitted with a "triplex" net
hauling system (instead of the traditional power block) on an experimental basis for the French. Cobrecaf, the well-known French operator
headed by Herve Prat will charter the vessel for a 6-month period.

On the 4th of July, the Bafferras yards in Vigo launched the last of the series of "jumbo" seiners for the Albacora group of Mr. Ignacio
Lachaga. The engine is a 6000HP Wartsila. The vessel called, "Intertuna Tres" is 115 meters long with a width of 16.60 meters. The 26
brine wells have a capacity of 3260 cubic meters (230OMT of tuna). The Albacora group is composed of 14 vessels and no less than 6
new reefers are in order. The first one, a 300,000 cubic feet reefer is under construction at the Bafferas yard right now.

In France, a number of tuna products were launched this year. Auchan added a new line to its chilled line of breaded fish: Croque a la
Thon Nicoise. This new product contains ratatouille and is priced at FFr 13.90 for a 200-gram dual portion tray.

Cobreco also came-up with a new line of canned fish rillettes in five varieties: albacore tuna, tuna with 5 peppers, tuna with olives, salmon
with dill, and mackerel with mustard. The suggested retail price is FFr 9.50 for 135 grams. These products are sold in a metal can with a
plastic cover. They can be kept in the refrigerator for 48 hours after opening.

Another introduction in France was Cuisine Oceane launched by Gendreau. This is a line of four canned fish ready meals: salmon trout
with sorrel, American style Alaskan hake, Nantes-style fish, and Tuna Bourguigon. These ready meals are microwavable and come
packaged in a tray with a fork included. The dish has a 12-month shelf life at room temperature. The suggested retail price for this 300
gram package is FFr 13.50.

Marks and Spencer of the United Kingdom also launched two new fish-based ready-to-cook meals. They are the: "Chargrilled Tuna on
Fresh Herb Orzo Pasta" and "Cod and Chorizo Cassoulet". Chargrilled Tuna on Fresh Herb Orzo Pasta is 23% tuna from the Philippines.
The product can be heated in the microwave for 2-4 minutes or heated in an oven for 16-18 minutes. The product weighs 350 grams and
suggested retail price is £3.29 (US$5.30).

Another United Kingdom retailer, Sainsbury's has introduced canned Tuna Fusilli as part of its "Be Good to Yourself' range of food
products. The 400g can of pasta twist with tuna in tomato sauce is marked "98% fat free" and "new" on the can. The suggested retail price
is 95 pence ($1.53). It can be cooked in the microwave or in a saucepan. The main ingredients are pasta (34%), tomatoes (20%), and tuna
(16%).

For valuable information on the tuna industry, go to www.casamarintl.com. Casamar Ecuador has an e mail system for the Crow's Nest.
Please contact them directly. Click on "ECUADOR" from the home page. Mailing is controlled from the Las Vegas office.

This publication is provided by CASAMAR to its customers for their information only. CASAMAR is not liable for any errors or delays in the
content, or for any actions taken in reliance thereon. Trademarked names are used in an editorial content with no intent in trademark
infringement.

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
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