Faroe Islands Fisheries and Quota Diplomacy — 2026-10-26
Coastal states, including the Faroe Islands, agreed on a 2027 mackerel total allowable catch of 352,938 tonnes, marking a significant increase from previous levels. Domestically, the Faroese pelagic sector saw a major consolidation with the sale of the vessel Birita for an estimated 250–300 million DKK, signaling intense competition for quota rights.
Faroe Islands Fisheries and Quota Diplomacy — 2026-10-26
2027 Mackerel Quota Increased to 352,938 Tonnes
On Thursday, October 23, 2026, coastal states including Norway, the EU, the Faroe Islands, Greenland, Iceland, and the UK reached an agreement in London on the total allowable catch (TAC) for mackerel for 2027. The agreed quota is set at 352,938 tonnes, which represents an increase from the current year's levels. This agreement follows scientific advice and concludes a week of intense negotiations that also saw the parties agree on quotas for blue whiting and herring for 2027. For the Faroe Islands, this outcome is critical as it secures access to larger pelagic stocks, which form the backbone of their export economy.
Birita Sale Signals Multi-Hundred Million DKK Quota Market
The Faroese pelagic fleet has undergone significant structural change with the sale of the vessel Birita to a consortium involving the owners of Vestmenningur and Arctic Voyager. Faroese media estimate the transaction value between 250 and 300 million DKK, highlighting the high capitalization of quota rights in the region. The ownership split is reported as 40% and 60% respectively. This deal underscores the immense value of fishing rights in the Faroe Islands, where quota assets are often traded for sums that dwarf the physical value of the vessels themselves. The consolidation suggests a trend toward larger, more efficient entities controlling the lucrative mackerel and herring quotas.
Norway-Russia Fisheries Agreement for 2027 Finalized
While not directly involving Faroese vessels, the agreement between Norway and Russia on the 2027 fisheries management in the Barents Sea impacts the broader Northeast Atlantic context. Reached on October 21, the deal ensures sustainable management of stocks, which indirectly affects the migratory patterns and interactions of pelagic species in the region. The Faroese government has closely monitored these talks, given their stance on maintaining fisheries cooperation with Russia despite broader geopolitical tensions.
Local view
The Faroese broadcasting corporation, Kringvarp Føroya (KVF), reported extensively on the London negotiations, noting that the coastal states followed scientific advice for the 2027 mackerel quota. Local stakeholders view the increase in the TAC as a positive step for the industry's revenue streams. Meanwhile, FiskerForum, a key Danish fishing industry outlet, highlighted the Birita sale as a pivotal moment in Faroese quota trading, emphasizing the secrecy and high stakes involved in these multi-million crown transactions.
Context & numbers
- 2027 Mackerel TAC: 352,938 tonnes.
- Birita Sale Value: Estimated 250–300 million DKK.
- Negotiation Participants: Faroe Islands, UK, EU, Greenland, Iceland, Norway.
- Previous Agreements: The coastal states had already agreed on blue whiting and herring quotas for 2027 the week prior to the mackerel deal.
On the radar
- EU's Exclusion from Recent Deals: While the 2027 mackerel quota was agreed upon by the six coastal states, the EU's role remains complex. Previous agreements for 2026 saw the EU left out of the four-party deal (Norway, UK, Faroe, Iceland), though they are part of the broader six-party talks for 2027.
- Faroese-Russia Talks: The Faroe Islands are preparing for fisheries talks with Russia, scheduled for December 2026, to maintain their bilateral quota exchange arrangements.
- Salmon Harvest Updates: Bakkafrost reported a 10% drop in Q3 harvest volumes due to lower Scottish weights and mortality costs, a trend that may influence future investment in Faroese salmon farming.
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