Monthly newsletter of the tuna fishing industry

Data from the ETP showed reduced catches for Skipjack and Yellowfin for the year 2000. According to IATTC reports, the total Yellowfin
catch in the ETP as of December 3, 2000 was 266,884MT compared to 289,916MT for the same period in 1999. The Skipjack catch in the
ETP for the same period in 2000 was 208,370MT, compared to 263,398 MT in 1999. This is a reduction of 21%. The Bigeye catch in the
ETP for the same period in 2000 was 69,840MT, compared to 43,398 MT in 1999.

The World Tuna Boat Owners (WTBO) Association met again in Manila on January 2930, 2001. Price of Skipjack has almost doubled since
they first organized themselves last year. They agreed to extend their reduction of fishing efforts from February 1, 2001 to March 1, 2001.
Representatives from ORTHONGEL of France and OPAGAC of Spain who have joined the group emphasized that their fishing reduction
efforts, which began on 15 November 2000 for ORTHONGEL and January 1, 2001 for OPAGAC, were consistent with that of the WTBO.

In addition to fishing reduction, the WTBO also called for the prohibition of the use of hydrolyzed protein or equivalent for the purpose of
adding weight to the canned tuna. This prohibition could increase demand for tuna by at least 20%. It is also widely believed that the use of
hydrolyzed protein or its equivalent in canned tuna has made it less appealing to the younger generation and could endanger the longterm
demand for the product. In the United States where surveys show that Americans are eating more fish than ever, the consumption of
canned tuna does not reflect the increase in appetite. According to medical findings, "one serving of fish per week can reduce the risk of
cardiac arrest by 50%70%". The tuna industry must capitalize on the boom and develop more valueadded products. Otherwise, this
opportunity will serve to benefit new and more aggressive marketing efforts from other fish producers such as tilapia, and catfish.

Cautious of the progress that had been made, WTBO delegates were in agreement that production must be kept low to continue the price
improvements. Otherwise, it will easily reverse back to the losses of 1999 and 2000 if everyone returns to their aggressive fishing efforts.

Some experts observed that the fish procurement people of some of the large companies continue to explain that there is no need for fish
and that the buying price should remain low. Companies took advantage of the low raw material prices in 2000 to process very large
inventories, speculating that there might be a shortage of catches in 2001 and the market price might increase. Other companies like
Heinz, nearing the end of their fiscal year, are closely evaluating their own inventory values for the balance of accounts.

Together, the industry remains largely optimistic. In Spain, a new cold storage and loin processing plant in Vilagarcia (Galicia) called
"CEFRIGO" saw in its first nine months of operation some 16,000 tons of products go through. In 2001, it is anticipated that its 12,000
square meter land will be enlarged to 18,000 square meters. Cefrigo's plan projects production to reach some 63,000 tons by the year
2006. The cold storage capacity will be enlarged from 7,000 tons to nearly 25,000 tons. Cefrigo also operates a processing line of
Yellowfin and Skipjack loins of about 20 MT/day. They hope to boost production of Skipjack loins to 50 MT/day. Cefrigo was organized by the
FACORE Group (Fabricantes Conserveros Reunidos S.A.), the trader TRANSATUN (Sr. J.J. Repajas), the tuna boat owner ATUNSA, the
canner Alvaro Perez Lafuente, the ship agent: Consignataria P&J, Carrasco, and other partners.

The Minister of Fisheries of the Seychelles Republic, Dr. Dolor Ernesta and his manager of fisheries, Philippe Michaud paid a visit to Spain
at the invitation of OPAGAC. The international fisheries of Seychelles contributes approx. 50% of the country's GNP. Seychelles' Exclusive
Economic Zone (EEZ) covers four million square kilometers. In the island waters there are nearly 60 purse seiners in operation, 20 of
them Spanish. Minister Ernesta expressed his opinion that the tuna stock situation remains "solid" and that they are under the control of
CTOI ("Commission of Tuna of Ocean Indian"). The services to the tuna seiners are done in the Port of Victoria, in the island of Mahe.
Minister Ernesta also mentioned plans to improve the congestion problem at the Port of Victoria. Minister Ernesta visited the Barreras
Shipyards and the Calvo Tuna Cannery hoping that in the future, the country would be able to own a new tuna purse seiner and establish
another cannery with a production capacity of 350MT a day with the cooperation of Spain.

In France, Jacques Le MEUR of the newspaper "Le Marin" on January 26, 2001 reported that although the year 2000 will remain in memory
as a bad year, the production data is not as bad. Catches dropped only 2.8% to 164,112 MT. Yellowfin 20lbs and up jumped by 12,600MT
to 67,000MT. Skipjack less than 4lbs, fell by 15,700MT to 74,787MT. The report blamed the reduction on the moratorium on log fishing in
the Indian Ocean from November I to January 3 1. It also mentions the tieup of the vessel "Lady Sushill" (French Interest and Mauritius
Tuna) and the departure of the large tuna purse seiner, the "Castel Braz" from the Indian Ocean to the Pacific.

Mr. Herve Pratt's Cobrecaf vessels were the top producers. The "highliner" was the Italian flag vessel, "Torre Giulia" (owned by Cobrecaf,
Meridional Pesca of Italy, and Mr. Adolfo Valsechi). The "Torre Guilia" landed 8,471MT in 2000. The second highest producer was
"Gueriden", also operated by Cobrecaf at 7,989MT. The mean average price was US$576/MT. That is, US$732/MT in the Atlantic and
US$507/MT in the Indian Ocean. The vessel "Via Euros" which is modeled after a Campbell San Diego tuna purse seine vessel had the
best catch in terms of value rating. The vessel that brought the largest mean average price was the "Pere Briant" of Saupiquet, since she
was operating in the Atlantic Ocean and caught a lot of Yellowfin.

France also welcomed a new vessel in December 2000, the "Capt St Vincent". Because of the Brussel's law called the "MAGP," for
multiyear assessment of global power by the EU fishing fleets, the vessels Cap St Pierre and Cap St Paul will have to be reflagged outside
the E.U. "Cap St Vincent" of Le Garrec, partner of France Thon, is a 67-meter-long vessel with a 3000KW diesel engine. Its sister ship,
"Sterenn" of KuhnBallery, also partners of France Thon, that will need the reflagging of Mervent and Belouga. will be commissioned in 2001.

NEW PRODUCT: Casamar's SIMPLE GREEN® for FISHING VESSELS & MARINE APPLICATIONS. All-purpose
CLEANER/DEGREASER/DEODORIZER. Sold as a concentrate that can be diluted (up to 150 times) with water for various cleaning and
DEGREASING applications. Authorized by the USA for use in Federally inspected meats, poultry, and other food plants. Excellent product
for cleaning fish wells, engine rooms, decks, kitchen, and other cleaning and deodorizing applications. Removes Fuel Odors. For engine
room applications, it washes out oils, grease, ... without heavy scrubbing that can ruin surfaces. Safe alternative to hazardous chemicals
and can replace most cleaners and degreasers. NONTOXIC. NONFLAMMABLE, NONABRASIVE. Available at CASAMAR in Guam and
American Samoa February 2001. More details can be found at it at www.TunaPort.com

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.

By the end of January 2001, traders were said to be asking $680/MT CIF Bangkok for Skipjack 471/2. It has been reported that small lots
were sold at $630/MT. This was primarily due to the lack of bigger lots to allow them to close large contract settlements. It has been
reported that big carriers from Itochu and FCF with some fish were holding back from Bangkok. There are mixed and conflicting reports on
how much fish the canners have in inventory and if canners and processors have actually slowed down processing.

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.