This may read like a contradiction. Fandicosta and Atunlo, two of the largest players in the Spanish fishing sector, are facing pre-bankruptcy signs, while the industry as a whole grapples with slower sales. It resembles the eerie quiet that follows a fork dropped in a vast factory floor. Yet the forked sign of trouble does not mean the end for these frozen and fishing giants. The industry’s leaders have never before built such a broad global footprint in both industrial and logistical capacity and in harvesting power. The top twenty groups own or operate more than 220 fishing vessels across multiple regions, with a direct presence in thirty countries. This expansive footprint reflects a strategic push to verticalize operations and maximize the value of raw materials, creating a durable edge for the future.
The global expansion has helped cushion the impact of past collapses. Pescanova SA, once a dominant name, went through liquidation following heavy debt. Its operations moved away from direct, global control to a structure centered on Chapela and its affiliates. The sale of older ships and non-core businesses reduced reach in regions such as Australia, Brazil, Chile, Honduras, Uruguay, and the Malvinas. Other Galician groups have broadened their reach but still lack a full presence in Australia and Brazil, while building footholds in the United States, Paraguay, Vietnam, and Ghana. In some cases ownership moved to the Moradiña family in Uruguay or the Malvinas, while current data show Nueva Pescanova operating around 55 vessels. A recent acquisition, Pesquera Veraz in Argentina, faced inflation-related challenges and did not meet local expectations.
According to the data of the young Worldwide Fishing Company (Wofco), its investments in companies, shareholdings, ship purchases, and alliances have pushed the collective harvesting capacity to 50 units at sea. That figure places them ahead of Grupo Iberconsa, which, after transferring three freezer boats to Conarpesa, now controls 49 vessels through its holdings. The vessels sold earlier included Santa Rosa, Golfo San Matías, and Coraje, which were used for squid fishing off the coast. The venture led by Alberto Barreiro and Borja Tenorio began as a partnership among five seafood entrepreneurs, each contributing a share to a united initiative. The group now extends its reach to Paraguay, where a new processing plant with 40 tons daily capacity is planned for Hohenau, as well as Ecuador (Transmarina, Eurofish), Morocco (World Tuna Fishing, Pesbak & Benjelloun), and China (Green Food).
In the past two years Profand has also helped extend the Galician fishing industry’s global footprint. Its North American unit, Seafreeze in the United States, emerged as the main market for fish procurement and added Prevail and North Star to its roster, bringing the total to 24 vessels. The American operations expanded with Worldwide Perishables (WWP) and a foray into vannamei shrimp farming in Ecuador, a field previously explored mainly by Promarisco of Nueva Pescanova. The Greek company Kefalonia Fisheries joined to enhance aquaculture species after earlier strengthening its position in octopus fishing in Morocco. With leadership under José María Benavent, the business is a major revenue earner in the sector in Spain for the latest consolidated year.
Growth has not relied solely on newer firms. The sector’s long-standing players, some founded decades ago, have also pushed to expand into new markets and increase installed capacity. Grupo Pereira operates 24 vessels and holds the sole octopus fishing license in South Africa, expanding into Mauritanian waters along the Tazadit bank. Iberconsa and Pescapuerta, with two boats for Morocco, and Mascato have followed similar paths. Vieirasa, the oldest operator, focuses on shipowning and is weighing new opportunities after gaining additional presence in Senegal with two more vessels.
However, the current crisis affecting Fandicosta and Atunlo will leave lasting marks on their global footprint as well. In Moaña, the Argentine affiliate Pesquera Cruz del Sur, with two trawlers Patagonia Blues and Domaio, remains under the umbrella of Gandón SA. The wind-down of Atunlo’s Cabo Verde subsidiary in Mindelo is anticipated, and Fandicosta’s plant may be absorbed by Wofco following a bank assessment due this week. Iberconsa has already renegotiated debt, a development that reduces sector pressure but does not fully resolve short- and mid-term uncertainties.
Pescanova’s shadow looms large
- Pescanova SA endured a severe crisis that led to asset losses and the sale or closure of subsidiaries in Australia, Chile, Portugal, and the Falklands.
- Moradiña capitalized on Lafonia in the Falklands and led Belnova’s Uruguay acquisition, while Europacífico handled the Chilean catch’s sale from Vigo.
Participation dynamics
- The global expansion is inseparable from the rising influence of groups like Wofco and Profand, which have driven Galician industrial fishing into markets such as Morocco for cephalopods and Paraguay for vannamei shrimp.
- Persistent, largely organic growth from veteran groups like Pereira, Pescapuerta, and Vieira continues to shape the industry’s landscape.
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