Sjóvinnsla á þorskalýsi / On-board liver oil processing
The project Sea processing of cod liver oil is about examining whether there is an operational basis for fish oil processing from cod climbing on board freezer and icefish trawlers. This includes a summary of all costs of processing as well as investment costs. The results were summarized in the income statement. In addition, the processing process of fish oil for human consumption was discussed and its market value was assessed. The results of the project indicated that it is not profitable to work only cod climbing on board trawlers, but it is more profitable to land it fresh. However, it is possible to increase profits significantly by processing all cod, saithe and haddock livers together and even more if all the meat is processed, including the liver. There is more profit from the processing of fish oil on board freezer trawlers compared to icefish trawlers, considering that icefish trawlers will generate income if they start producing fish oil on board. It is income from the liver that would otherwise be landed. This does not apply to freezer trawlers, but most of their liver goes into the sea today.
The task of this project is to explore whether there is an operating basis for processing cod liver into oil onboard freezer- and wet fish trawlers. This includes summarizing all costs in a profit loss account. The project also considers further refining of fish oil for human consumption and its market value. The results of this project indicated that it is not profitable to process only cod liver, as more profit is gained by landing the liver fresh. However, by processing liver from cod, saithe and haddock profits can be increased and even more if all the viscera including liver is processed as well. More profits are obtained from processing fish oil onboard freezer trawlers, compared to wet fish trawlers, considering lost revenue of previously landed liver. This does not apply to freezer trawlers as they do not utilize liver.