Portland Fish Exchange reports steep May shortfall; members debate lowering buyer deposit and review operations

The Portland Fish Exchange (PFE) reported weak May sales and mounting operating shortfalls during its subcommittee meeting, and members debated lowering the buyer deposit requirement to attract more auction participants while reviewing immediate operational steps to raise revenue.

Manager Robert (last name not specified) told the committee that May landings were “pretty dismal,” totaling “10 and a half thousand pounds out of 50 thousand budgeted,” and that the exchange’s May net income was negative $76,000 compared with a budgeted loss of $5,800. He said current receivables were about $138,000 and reminded the group of a $230,000–$250,000 line of credit with an accrual of about $47.92 per day and roughly $1,400 monthly interest. “Those are pretty dismal,” he said of the financial results.

Why it matters: committee members said low volumes are suppressing buyer participation and depressing prices at auction. PFE leaders discussed short-term revenue opportunities and policies to bring more buyers back to the auction — a potential change that could affect who may participate and the exchange’s credit risk.

Discussion and proposals

Manager’s repor…