1. Cape Cod Fisheries Trust:
Solving a Community Resource
Access Problem: Atlantic Sea
Scallop Example
A Working Conference on Social
Impact Investing For Sustainable
Fishing Communities
April 10-11, 2013
2. Cape Cod Fishing Community
• Cape Cod Geology and Ecology
• Small Boats (Capt. & 1-2 Crew)
• Owner Operated and FamilyBased
• Diversified & Opportunistic.
(Groundfish, Lobster, Scallop,
Tuna, Skate, Dogfish, Monkfish)
• Culturally important
• Good Cape Cod jobs.
• Low impact gears.
3. Catch Shares
• Improve management and
conservation performance.
• Annual science-based quotas.
• Fishermen allocated quota
shares.
• Quota market for lease and
sale.
• Rapid price appreciation.
• Fails to prioritize social
concerns and may threaten
communities.
4. Catch Shares Benefits
• End Overfishing.
• Reduce Bycatch and Waste.
• Decrease gear habitat
impacts.
• Improve safety at sea
• Improve prices and profits.
5. Catch Shares Costs
• Efficient gears advantage.
• Small Businesses
disadvantage
• Young fishermen cannot
finance quota.
• Crew pay is cut
• Defer maintenance,
insurance and safety
equipment.
• Specialize and lose
business diversity.
6. Atlantic Sea Scallop Fishery
• Largest wild scallop fishery
in world.
• Use a scallop dredge.
• Not overfished
• No overfishing.
• $400-600M fishery
• Stable & high price
• High population levels
• MSC Certification Process
• Rotational management.
• IFQs for inshore fleet.
7. Scallop IFQ Trends
• Low Cape Cod
allocations.
• Expensive Quota.
– 2008 = $6 per lb
– 2013 = $37 per lb
• Leasing is 40% of exvessel price.
• Rapid Consolidation.
• Specialized Businesses
• Young fishermen want
to get in but very
competitive.
8. CCFT Solution
CCFT runs a business that:
• Buys quota from retiring
fishermen.
• Provides affordable leasing to
qualified Cape Cod
businesses.
• Helps local fishermen improve
their business competitiveness.
• Offers business planning and
other business technical
assistance.
9. CCFT Vision and Goals
The Cape Cod fishing industry is
vibrant, sustainable, and a model for
other fishing communities.
•
•
•
•
Cape Cod fishing businesses are
strengthened.
Cape Cod fishing resources are
protected.
Fishing as a way of life is
maintained in Cape Cod
communities.
A sustainable community based
model is developed
10. Guiding Principles
Guiding principles for our lease
activities are:
• Supporting future generations
of fishermen
• Encouraging Diversification
• Providing Services for Business
Improvement
11. Who’s Eligible?
•
Cape Cod resident
•
Owner operator.
•
Share to local crew.
•
Pay Taxes & Fully Insured
•
Regulatory compliance
•
Maintains strong business
operations.
CCFT’s community model improves management performance
for the environment, the fishermen and local economy.
12. Impacts & Opportunities
• 13 Vessels 62 fishermen.
• Leased 160K lbs scallop.
• Fishermen saved $280K on
leasing.
• Direct $2M scallop value to
Cape Cod Fishermen.
• Increasing demand for
quota and services.
• Launching a Revolving
Loan Fund for fishermen to
buy their own quota.