Icewater Seafoods Closing Remarks for Board of Trade Post Budget Luncheon with Finance Minister Craig Pardy

St. John’s, NL

As presenting sponsor of the Board of Trade’s Post-Budget Luncheon, Icewater Seafoods was invited to deliver closing remarks following a discussion with Newfoundland and Labrador Finance Minister Craig Pardy. The remarks highlighted the economic opportunity presented by Northern cod and the importance of long-term investment, resilience, and disciplined growth.

Good afternoon everyone,

On behalf of the business community, thank you, Minister Pardy, for joining us so soon after the budget and for engaging directly with us today.

We all recognize that a strong, resilient economy in Newfoundland and Labrador is built in partnership—driven by the leadership and investment of businesses, supported by communities across the province, and shaped by public policy that understands those realities.

That’s why opportunities like today matter. A budget sets direction—but it’s through engagement like this that government stays grounded in what businesses are actually experiencing. That shared understanding is what leads to better decisions and stronger outcomes for the province.

Minister, we appreciate your openness to that dialogue.

Thank you as well to the Board of Trade. I’ve been consistently impressed by the professional, strategic, and results-focused work of AnnMarie and team.  The Board of Trade is a steady, effective voice and advocate for the business community, including convening conversations like the one here today. 

Icewater Seafoods is proud to be a community sponsor of today’s event.

Minister Pardy referenced the province’s fiscal challenges. As a company, we understand operating through difficult circumstances. Icewater is the only plant in North America focused solely on North Atlantic cod and the Northern cod stock that was under a 32-year moratorium until just two years ago.

What carried us through was a clear strategy, a relentless focus on quality, and a skilled, dedicated team. We invested for the long term, maintained and upgraded a world-class operation in Arnold’s Cove, and stayed focused on premium global markets, even when our presence in them was miniscule due to limited supply.

Today, that perseverance is paying off. Not just for the people at Icewater, but for everyone the commercial Northern cod fishery touches.

The Northern cod stock is healthy, future science projections are strong, and…something we long hoped would happen, has….Northern Cod has the largest spawning stock biomass of any cod stock in the world. At the same time, global cod supply is down roughly 40% over the past five years—driving demand in premium markets, especially in Europe. We see that every day in calls from customers looking for Newfoundland and Labrador cod.

What was once a symbol of hardship is becoming a meaningful driver of growth for Newfoundland and Labrador.

In year two of the commercial Northern cod fishery, Icewater’s payroll was $9.5 million. That was earned by 280 employees, and we expect to have 320 this year —in a community of fewer than 1,000 people. These are year-round jobs, paying among the industry’s highest in Atlantic Canada.

The impact extends beyond our plant. Inshore harvesters earned more than $50 million from Northern cod in 2025. The local offshore sector was given less than 10% of the allocated catch last year, yet the offshore harvesters on Ocean Choice’s vessels earned more than $7 million from Northern cod. And as the fishery becomes increasingly year-round, and fished by small, medium and larger vessels, the economic benefit for indirect jobs and money paid to service and supply communities, is also felt year-round. 

So, Minister,—our message for you and your colleagues is this: with perseverance, vision, and disciplined execution, it is possible to come through challenging times and emerge stronger. We are all counting on you, and rooting for you, to do that.

To everyone here: keep Northern cod on your radar as a bright spot in the year ahead.

We’re expecting a significant increase to the catch this year. Just two weeks ago, the stock entered the process for sustainability certification by the Marine Stewardship Council. This is a remarkable milestone. The announcement at Global Seafood Expo in Barcelona was an emotional moment for customers and leaders of the MSC, as well as Canadian industry. The MSC’s blue checkmark is the gold standard for fisheries sustainability around the and it was born out of the Northern cod collapse in 1992.

We need the Federal Government to continue to rebalance the fishery by ensuring a healthy and growing local offshore allocation to complement the priority share to inshore harvesters. As long as governments and industry are aligned that we need to maximize economic value, you can expect to hear a whole lot more about the bright spot that is Northern cod in the years ahead.

Minister Pardy, I know the Premier has said many times that everyone loves a comeback story. We look forward to working with you on what is shaping up to be the greatest comeback the world of fisheries has ever seen.

That concludes today’s event. Thank you again, Minister—and thank you all. Have a great weekend.