Trident Seafoods is pushing back their proposed Unalaska processing plant by a year, according to a statement the seafood giant released Tuesday morning.
The seafood company acquired the land for the site in Captains Bay in 2022, and is currently constructing its first bunkhouse. The groundbreaking for the actual plant was tentatively expected to begin in 2024 and would take an approximate three years to complete.
“Delaying the project start date does not change our long-term plan,” said Stefanie Moreland, an executive with the company.
Trident cited a combination of global events for their decision, including high inventory and aggressive competition from foreign markets. The statement echoes similar statements the company issued when setting record-low base prices for several species of fish around the state.
“The rate and pace at which markets are collapsing across our key species is staggering,” Trident CEO Joe Bundrant said in the Tuesday statement. “Not only are global inventories and operating costs high, but demand is low, and some are selling at or below cost just to generate cash.”
The new timeline would put the facility online in 2028 at the earliest.