https://www.alanwcook.com/blog daily 0.75 2026-04-03 https://www.alanwcook.com/blog/the-cost-of-variability monthly 0.5 2026-04-03 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/dbfd4861-f452-44a1-9049-b3a4e622e0a7/Cost+of+Variability+Graphic.png Understanding Fish Farming - The Cost of Variability - Make it stand out Impact of variability on system performance. https://www.alanwcook.com/blog/the-ebitda-mirage monthly 0.5 2026-03-13 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/7a1851ea-a110-49f4-bdcf-f58559327ad5/Depreciation+for+landbased+producers.png Understanding Fish Farming - The EBITDA Mirage: - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/2fbe5eae-4309-42d2-89e0-7ed24949e662/Depreciation+for+landbased+producers+full+production.png Understanding Fish Farming - The EBITDA Mirage: - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/248a1bdd-2ae8-4445-a1da-05bc403a9c02/Cumm+deprec+vs+cumm+EBIT.png Understanding Fish Farming - The EBITDA Mirage: - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/91d6f818-57f5-4276-bcee-be843cf45e9a/Salmon+Evolution+EBIT+Catch+Up.png Understanding Fish Farming - The EBITDA Mirage: - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.alanwcook.com/blog/why-some-aquaculture-projects-look-profitable-and-arent monthly 0.5 2026-03-13 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/672c6e53-90b0-42e6-9156-a7aae8fd8e75/NPV+Comparison.png Understanding Fish Farming - Why Some Aquaculture Projects Look Profitable — and Aren’t - Make it stand out NPV Comparison https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/232ee098-516e-4260-9e33-06c1801856d1/NPV+Waterfall.png Understanding Fish Farming - Why Some Aquaculture Projects Look Profitable — and Aren’t - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.alanwcook.com/blog/the-throughput-ceiling monthly 0.5 2026-03-03 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/bba291ca-91e9-4bbe-a59e-fe46ca2bfeea/Oxygen+Capacity+versus+demand+graph.png Understanding Fish Farming - The Throughput Ceiling - Make it stand out Oxygen is shown as a representative constraint. The same ceiling logic applies to CO₂ stripping, biofiltration, and solids removal. https://www.alanwcook.com/blog/what-the-gut-actually-does-and-why-it-matters-more-than-you-think monthly 0.5 2025-12-16 https://www.alanwcook.com/blog/the-license-illusion-why-salmon-farmings-most-valuable-asset-isnt-one monthly 0.5 2025-10-31 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/29a4eef6-8d8b-4f56-a48d-8284600b14f1/Aquaculture+license+values.png Understanding Fish Farming - The License Illusion: Why Salmon Farming’s Most Valuable Asset Isn’t One - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/a15f3e8a-592c-4ec5-80b7-0fdd886c3d10/Security+of+salmon+licenses.png Understanding Fish Farming - The License Illusion: Why Salmon Farming’s Most Valuable Asset Isn’t One - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/139aef82-acc5-4efd-9918-a7851d1c8f8a/Increasing+restrictions.png Understanding Fish Farming - The License Illusion: Why Salmon Farming’s Most Valuable Asset Isn’t One - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.alanwcook.com/blog/using-aquagut-to-push-the-envelope-on-feed-conversion monthly 0.5 2025-10-31 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/140ac131-376e-4a99-94df-428b2a9b0be2/Biome+Test+Results.png Understanding Fish Farming - Using AquaGut to Push the Envelope on Feed Conversion - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.alanwcook.com/blog/atlantic-sapphire-a-convertible-loan-that-is-really-a-change-of-control monthly 0.5 2025-09-17 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/451349c1-1e52-41ca-99f6-f109317b0c44/before_convertible+%281%29.png Understanding Fish Farming - Atlantic Sapphire - A Convertible Loan That is Really a Change of Control. - Make it stand out Atlantic Sapphire - current distribution of ownership https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/eb744637-84fd-4c2f-aace-55e07c0d0095/after_base+%281%29.png Understanding Fish Farming - Atlantic Sapphire - A Convertible Loan That is Really a Change of Control. - Make it stand out Atlantic Sapphire - expected distribution of ownership post equity conversion of loan amounts https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/5a691dda-b3a1-40b2-bb1e-710c5823a32e/after_bonus.png Understanding Fish Farming - Atlantic Sapphire - A Convertible Loan That is Really a Change of Control. - Make it stand out Atlantic Sapphire - expected share distribution post loan conversion and bonus for successful equity raise. https://www.alanwcook.com/blog/not-a-boondoggle-the-headline-that-should-rattle-western-salmon-spreadsheets monthly 0.5 2025-07-28 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/5897159c-a4d5-41df-ab22-b735c1cddecb/Senhai+MK+profile.png Understanding Fish Farming - Not a Boondoggle: The headline that should rattle Western salmon spreadsheets - Make it stand out Senhai MK vessel launch, July 20 - 22, 2025 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/6cc80b70-2656-4290-b337-9d86253bd30c/Senhai+MK+top+view.png Understanding Fish Farming - Not a Boondoggle: The headline that should rattle Western salmon spreadsheets - Make it stand out Senhai MK vessel launch July 20 - 22, 2025 https://www.alanwcook.com/blog/cracks-in-the-permanent-scarcity-paradigm-why-salmon-licenses-may-be-the-next-taxi-medallion-bust monthly 0.5 2025-07-16 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/270423a2-0b88-406a-9270-0b5b1389667f/output+%2814%29.png Understanding Fish Farming - Cracks in the Permanent Scarcity Paradigm – why salmon licenses may be the next taxi medallion bust - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/6874ef5c-5be0-4776-908a-ada1195d0694/output+%2813%29.png Understanding Fish Farming - Cracks in the Permanent Scarcity Paradigm – why salmon licenses may be the next taxi medallion bust - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.alanwcook.com/blog/chinas-aquaculture-armada-is-comingand-the-west-isnt-ready monthly 0.5 2025-07-07 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/4045f0c1-be13-4fb4-9767-2fcac8c8f1cc/Chinese+vessel+list.png Understanding Fish Farming - China’s Aquaculture Armada Is Coming—And the West Isn’t Ready - Make it stand out An incomplete list of Chinese vessel projects. https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/f9e08457-ec4b-46e3-9fdb-49b9bd05a06e/China%27s+Growing+Share+of+Global+Markets.png Understanding Fish Farming - China’s Aquaculture Armada Is Coming—And the West Isn’t Ready - Make it stand out Rapid development in strategic emerging industries https://www.alanwcook.com/blog/deadline-without-a-roadmap-why-bcs-2029-transition-plan-for-salmon-farming-faces-a-reality-gap monthly 0.5 2025-06-04 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/74bbfd45-e27e-4496-ba74-30ae2dc3938d/Land+Based+Salmon+farm+timeline.png Understanding Fish Farming - Deadline Without a Roadmap: Why B.C.'s 2029 Transition Plan for Salmon Farming Faces a Reality Gap - Make it stand out Timelines for a few high-profile land-based salmon farms https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/0ceb4eb5-fe19-448b-b770-1b3a8920663d/Permitting+a+land+based+farm+in+BC.png Understanding Fish Farming - Deadline Without a Roadmap: Why B.C.'s 2029 Transition Plan for Salmon Farming Faces a Reality Gap - Make it stand out Current process for permitting a land-based HFT farm in BC https://www.alanwcook.com/blog/one-industry-died-for-science-another-will-die-for-optics monthly 0.5 2025-05-28 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/1748458469653-BXAQ1UEM6XHS5NBYG60I/Cod+Moratorium+Picture.+2png.png Understanding Fish Farming - One Industry Died for Science. Another May Die for Optics https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/1748458497312-J7FS6AGPDTEPYETGRLOK/Pro-Fish+Farm+Protest.png Understanding Fish Farming - One Industry Died for Science. Another May Die for Optics https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/1748458470085-IXIEXOSC6INFSM7BS6CZ/Cod+Moratorium+Picture.png Understanding Fish Farming - One Industry Died for Science. Another May Die for Optics https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/1748458673975-8ZA4I6R0C26H3GZ875L7/Salmon+farm+protest+photo.png Understanding Fish Farming - One Industry Died for Science. Another May Die for Optics https://www.alanwcook.com/blog/great-tech-wrong-market-lessons-from-the-billion-dollar-efishery-bust monthly 0.5 2025-05-26 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/9e37bb87-262c-40fa-9f9c-5e06ce7474fe/ChatGPT+Image+May+26%2C+2025%2C+11_05_53+AM.png Understanding Fish Farming - Great Tech, Wrong Market: Lessons from the Billion-Dollar eFishery Bust - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.alanwcook.com/blog/can-salmon-get-seasick-debunking-a-maritime-myth-in-closed-containment-aquaculture monthly 0.5 2025-05-15 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/5596890f-dac7-45b5-8c8a-5ac14e7c1d5f/ChatGPT+Image+May+15%2C+2025%2C+11_48_06+AM.png Understanding Fish Farming - Can Salmon Get Seasick? Debunking a Maritime Myth in Closed-Containment Aquaculture - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.alanwcook.com/blog/the-cult-of-the-superior-2-kilo-salmon-when-grading-leaves-the-dock monthly 0.5 2025-05-13 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/701655f7-fda1-4bd0-adda-543cb0351c27/Land+based+size+versus+grading.png Understanding Fish Farming - Graded Superior. Discounted Anyway - Make it stand out Data from company presentations. https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/8108a9b8-dab3-4614-9fe6-46e361426126/Grading+matrix.png Understanding Fish Farming - Graded Superior. Discounted Anyway - Make it stand out Disconnect between grading standards and market expectations https://www.alanwcook.com/blog/why-mowi-is-rethinking-fish-feedand-what-that-means-for-investors monthly 0.5 2025-05-09 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/c71ac9d0-9294-4ac7-8d10-a44069b5e43c/Feed+Center+Photo.jpg Understanding Fish Farming - Why Mowi Is Rethinking Fish Feed—and What That Means for Investors - Make it stand out Salmon farming remote feeding center https://www.alanwcook.com/blog/scaling-into-the-ceiling-why-land-based-salmon-has-a-built-in-growth-problem monthly 0.5 2025-05-07 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/3c9494d3-b54a-4cbe-ac38-e42ae19781a4/Land+based+salmon+farm+-+arial+photo.jpg Understanding Fish Farming - Scaling Into the Ceiling: Why Land-Based Salmon Has a Built-In Growth Problem - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.alanwcook.com/blog/100-vessels-to-break-the-market monthly 0.5 2025-05-01 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/949f5bf0-459c-4182-8e83-b75bbfb6cad8/Global+Supply+Price+graph.png Understanding Fish Farming - 100 Vessels to Break the Market - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/c5a0a63d-5b61-49e0-aad2-ffe435c69f68/Chinese+Shipyard.jpg Understanding Fish Farming - 100 Vessels to Break the Market - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/72d0faf0-8af2-41d4-b556-99aaf4ba2250/Tipping+Point+Chart.png Understanding Fish Farming - 100 Vessels to Break the Market - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.alanwcook.com/blog/atlantic-sapphire-lessons-for-investors-from-the-1-billion-ras-experiment monthly 0.5 2025-04-28 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/032e04ba-e7d5-4529-bffb-80309c319b59/Atlantic+Sapphire+Invesmtent+case+autopsy.png Understanding Fish Farming - The $1 Billion RAS Collapse: Critical Lessons from Atlantic Sapphire for Aquaculture Investors - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/f270c27b-47d2-4c24-b0bd-37fe3749a2ac/Three+Body+Problem+Graphic+for+Blog.png Understanding Fish Farming - The $1 Billion RAS Collapse: Critical Lessons from Atlantic Sapphire for Aquaculture Investors - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.alanwcook.com/blog/is-84-million-too-much-for-a-fish-farming-vessel monthly 0.5 2025-04-24 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/7688d761-31ad-4f53-becb-7c1b1a441cbb/Guoxin+1+-+2-1.jpg Understanding Fish Farming - Is $84 Million Too Much for a Fish Farming Vessel? - Make it stand out Guoxin 1 - 2-1 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/a205ee7c-05b4-497b-86cb-fe2f453efc7f/Guoxin+vessel+compared+to+land+based.png Understanding Fish Farming - Is $84 Million Too Much for a Fish Farming Vessel? - Make it stand out Figures gathered from company investor presentations. https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/0c157bfe-d233-4069-b552-d1559844b38b/Capital+intensity+chart+including+Guoxin.png Understanding Fish Farming - Is $84 Million Too Much for a Fish Farming Vessel? - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/98dcbe18-04a3-4b78-a8b2-83a03654bde9/Components+of+Unit+Cost.png Understanding Fish Farming - Is $84 Million Too Much for a Fish Farming Vessel? - Make it stand out Average salmon production cost in Norway 2023 https://www.alanwcook.com/blog/gjjmexdcm1nmkkla8i8zf5p5lvtlwz monthly 0.5 2025-04-10 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/c3f9ce44-1f9c-42aa-8945-35ee6ff8bb10/Marinova+Vessel+drawing.png Understanding Fish Farming - How Vessel-Based Salmon Farming Hacks the Regulatory Maze - Make it stand out Marinova Vessel https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/2ea2fa6a-2df6-4544-b564-23e5f4fc902d/Regulatory+Framework+Graphic.png Understanding Fish Farming - How Vessel-Based Salmon Farming Hacks the Regulatory Maze - Make it stand out Regulatory Comparison Matrix https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/2f10cb4b-fe98-497e-922b-71116526556b/Aquaculture+license+values.png Understanding Fish Farming - How Vessel-Based Salmon Farming Hacks the Regulatory Maze - Make it stand out Norwegian License Values - 2023 https://www.alanwcook.com/blog/mobile-fish-farms-why-bulk-tankers-could-be-the-future-of-profitable-aquaculture monthly 0.5 2025-04-09 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/ad2ecf9a-327c-4e99-88fb-8ac66287175b/Marinova+vessel+with+Norsepower+rotors.png Understanding Fish Farming - Why This Unsexy Shipping Asset Might Disrupt a $25B Industry - Make it stand out Marinova converted bulk tanker https://www.alanwcook.com/blog/rethinking-salmon-farming-mobile-platforms-for-smarter-growth monthly 0.5 2025-04-09 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/ca31a135-e031-4583-80d5-47bb758a4545/Umitron+Screenshot+Feb+17+2025.png Understanding Fish Farming - Rethinking Salmon Farming: Mobile Platforms for Smarter Growth - Make it stand out Umitron Satelite Monitoring https://www.alanwcook.com/blog/aquacultures-status-quo-is-cracking-heres-whats-replacing-it monthly 0.5 2025-04-07 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/f4280846-1bdd-4146-8211-a412cbf636fd/Marinova+vessel+with+Norsepower+rotors.png Understanding Fish Farming - The $250M Offshore Bet That Could Sink Land-Based Salmon Farming - Make it stand out Marinova Panamax tanker with rotor sails https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/a100d74d-0fd8-43ed-9086-ca44a6a8c734/Bay+Area+Lingding.png Understanding Fish Farming - The $250M Offshore Bet That Could Sink Land-Based Salmon Farming - Make it stand out Bay Area LingDing https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/66554aa9-da9a-4312-80fc-4a8a347fbb70/Bulk+tankers+for+sale.png Understanding Fish Farming - The $250M Offshore Bet That Could Sink Land-Based Salmon Farming - Make it stand out Bulk tankers for sale https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/a90b0d42-7efc-4c39-8905-497cff611853/Aquaculture+license+values.png Understanding Fish Farming - The $250M Offshore Bet That Could Sink Land-Based Salmon Farming - Make it stand out Balance sheet values for aquaculture consents https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/c2ab8840-e9be-4b5e-8d9c-729f97164492/Zhangjiang+Wan+No+1.png Understanding Fish Farming - The $250M Offshore Bet That Could Sink Land-Based Salmon Farming - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.alanwcook.com/blog/overcoming-the-investment-status-quo-sunk-cost-vested-interest monthly 0.5 2025-04-04 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/13ddc2c6-ac43-44d9-9376-582e2e89fd77/Zhangjiang+Wan+No+1.png Understanding Fish Farming - Overcoming the Investment Status-Quo - Sunk Cost Vested Interest - Make it stand out Ocean-going aquaculture vessel nearing completion https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/3785a5d5-39c5-4dc2-bee2-3556445234d8/Aquaculture+license+values.png Understanding Fish Farming - Overcoming the Investment Status-Quo - Sunk Cost Vested Interest - Make it stand out Sample of values assigned to aquaculture consents https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/5d542af6-b86a-49e5-9eb7-b6705d0a19f3/Bay+Area+Lingding.png Understanding Fish Farming - Overcoming the Investment Status-Quo - Sunk Cost Vested Interest - Make it stand out Bay Area Lingding https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/37b94225-3807-4f43-9e0a-2cd08a311711/Guoxin+vessel.jpg Understanding Fish Farming - Overcoming the Investment Status-Quo - Sunk Cost Vested Interest - Make it stand out Guoxin Vessel https://www.alanwcook.com/blog/is-andfjord-salmon-running-out-of-money monthly 0.5 2025-03-11 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/4a47b35e-69c7-41ee-9023-c04a5960135f/Andfjord+and+SE+covenant+assessment.png Understanding Fish Farming - Is Andfjord Salmon running out of money? - Make it stand out ChatGPT Liquidity and Covenant Compliance https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/f3fc1397-ed4f-488b-b413-907424a98c2b/Andfjord+cash+runway+calculation.png Understanding Fish Farming - Is Andfjord Salmon running out of money? - Make it stand out Chat GPT Cash Burn Calculation https://www.alanwcook.com/blog/lsxf61jxu3uznuvcufic0tc5kzt3s1 monthly 0.5 2025-03-07 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/ced8a4f6-1a2e-411b-a434-f2834bcede21/Camanchaca+Liquidity+and+Banking+Covenant+Review.png Understanding Fish Farming - Chat GPT and Salmon Farm Analysis - starting to see some light at the end of the tunnel - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/51e3190e-603e-4a65-b0c1-17416da31c19/Camanchaca+Liquidity+and+Banking+Covenant+Table.png Understanding Fish Farming - Chat GPT and Salmon Farm Analysis - starting to see some light at the end of the tunnel https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/c16cf3c2-9fa8-433c-8a79-790d73787bcf/ChatGPT+Customization+Interface.png Understanding Fish Farming - Chat GPT and Salmon Farm Analysis - starting to see some light at the end of the tunnel https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/c976dae2-452d-449d-85c7-129decee9baf/Chat+GPT+-+Missing+report.png Understanding Fish Farming - Chat GPT and Salmon Farm Analysis - starting to see some light at the end of the tunnel https://www.alanwcook.com/blog/mgzv6jzrpbfojqczurajaybirmmbqz monthly 0.5 2025-02-24 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/3a2ca04b-59e7-45a7-95e6-96c46b04fc5e/Charter+Cost+Analysis+Snip.png Understanding Fish Farming - The Economics of Farming in Bulk Tanker Vessels - Make it stand out Charter and fuel costs by vessel type https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/03445923-e3fe-44df-a422-05c164d2bc03/MOWI+Handbook+Salmon+Industry+cost+structure.png Understanding Fish Farming - The Economics of Farming in Bulk Tanker Vessels - Make it stand out Norway Production Cost estimate from 2023 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/b30f275e-9f46-49b8-83e3-e5633f0df533/Salmar+Q4+2024+forward+looking+prices.png Understanding Fish Farming - The Economics of Farming in Bulk Tanker Vessels - Make it stand out Salmar Q4 2024 Forward Price Estimates https://www.alanwcook.com/blog/marinova-offshore-salmon-farming-re-imagined monthly 0.5 2025-02-17 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/599c3584-2652-4abb-9567-2773e3ad7ef0/Marinova+vessel+with+Norsepower+rotors.png Understanding Fish Farming - Marinova - offshore salmon farming re-imagined - Make it stand out Marinova - offshore salmon farming vessel https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/cd5a341a-2b12-4389-84fd-6ed02dc3fa03/Umitron+Screenshot+Feb+17+2025.png Understanding Fish Farming - Marinova - offshore salmon farming re-imagined - Make it stand out Live satelite monitoring of ocean conditions https://www.alanwcook.com/blog/salmon-evolution-q4-report-my-ruminations-if-you-want-them monthly 0.5 2025-02-13 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/6c056181-bebe-4ea6-889d-a73ae9719c27/Salmon+Evolution+KPIs+Q4+2024.png Understanding Fish Farming - Salmon Evolution Q4 Report - my ruminations if you want them - Make it stand out Salmon Evolution KPIs from Q4 2024 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/0d03f4ed-5a5d-4a4e-97e7-b725e318bb77/Salmon+Evolution+key+highlights+Q4+2024.png Understanding Fish Farming - Salmon Evolution Q4 Report - my ruminations if you want them - Make it stand out Key Highlights - Salmon Evolution Q4 2024 Report https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/75eced35-8883-4034-85c8-b7fdd3129ef2/MOWI+Handbook+Salmon+Industry+cost+structure.png Understanding Fish Farming - Salmon Evolution Q4 Report - my ruminations if you want them - Make it stand out Mowi Industry Handbook 2024 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/7014ad18-bfcb-4084-b237-440e38ad482e/Norway+salmon+industry+EBIT+ranking+Q2+2024.png Understanding Fish Farming - Salmon Evolution Q4 Report - my ruminations if you want them - Make it stand out Norway EBIT/kg rankings Q2 2024 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/7bc83e54-aa66-4338-b7cf-9b9abec8837f/Salmar+Salmon+Evolution+cost+of+production+comparison.png Understanding Fish Farming - Salmon Evolution Q4 Report - my ruminations if you want them - Make it stand out Quick comparison - Salmar vs Salmon Evolution https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/79a349ec-e9eb-4142-81ee-c3ada4a58e70/Salmon+Evolution+cost+of+production+components.png Understanding Fish Farming - Salmon Evolution Q4 Report - my ruminations if you want them - Make it stand out Salmon Evolution - Cost Components - NOK https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/2fd205f0-7f01-4a6b-8c79-1551fc6e95e4/Land+based+project+chart+for+blog+post.png Understanding Fish Farming - Salmon Evolution Q4 Report - my ruminations if you want them - Make it stand out Construction costs and depreciation estimates for a few land-based projects. https://www.alanwcook.com/blog/bulk-cargo-vessels-cheap-as-chips monthly 0.5 2025-02-11 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/b11ae69d-e7b4-4095-9a48-34bf4906371a/Ultramax+bulk+carrier.jpg Understanding Fish Farming - Bulk Cargo Vessels – cheap as chips - Make it stand out Ultramax carrier https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/56bb1c54-acda-48f5-aea4-9bd5bb5b4f67/Panamax+Bulk+Carrier.jpg Understanding Fish Farming - Bulk Cargo Vessels – cheap as chips - Make it stand out Panamax carrier https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/6f93ad83-6968-43d5-9138-246387bb9f24/Vessel+capacities+Panamax+and+Ultramax.png Understanding Fish Farming - Bulk Cargo Vessels – cheap as chips - Make it stand out Hold capacity examples https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/374da89c-c149-4b8c-8de3-c74515bb9d71/Charter+rates+snip+for+blog+post.png Understanding Fish Farming - Bulk Cargo Vessels – cheap as chips - Make it stand out Published bulk carrier charter rates - handybulk.com https://www.alanwcook.com/blog/aub82mu1sikpwa3t79uda7f628wlyo monthly 0.5 2025-02-05 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/f53f68d7-2a7b-48bb-b6d1-6bc1357e3d72/Salmon+Evolution+KPIs+Q3+2024.png Understanding Fish Farming - Seawater Flow-Through - the rising star in salmon investing - Make it stand out Snip from Salmon Evolution report https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/d69f7a8e-f222-4aab-a0f6-b5b7a221c332/Andfjord+KPIs+Q2+2024.png Understanding Fish Farming - Seawater Flow-Through - the rising star in salmon investing - Make it stand out Snip from Andfjord Q2 2024 report https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/2a464ac1-28e9-4995-a405-f0c14bf8f26b/Marine+Donut+trial+results+snip.png Understanding Fish Farming - Seawater Flow-Through - the rising star in salmon investing - Make it stand out Snip from recent media article https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/c0c483bf-5db1-4461-a9ec-7313dc04fb8e/Laxey+simplified+tank+layout.png Understanding Fish Farming - Seawater Flow-Through - the rising star in salmon investing - Make it stand out Snip from Laxey investor presentation https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/ca93e030-d0f6-4c8a-8f84-d5fe8f5b8dd2/Salmon+evolution+stock+price+snip.png Understanding Fish Farming - Seawater Flow-Through - the rising star in salmon investing - Make it stand out Stock pricing Oslo Stock Exchange - February 5th, 2025 https://www.alanwcook.com/blog/why-land-based-projects-are-winning-the-investment-race monthly 0.5 2025-01-23 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/b6ce77cc-246e-4861-a3e9-7c3b32698e6c/Land+based+project+chart+for+blog+post.png Understanding Fish Farming - A key reason why land-based projects are winning the investment race. - Make it stand out Quick overview of capital costs for land-based projects https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/64ebeeba-7855-4aa6-9f5d-ade3283932e9/Regional+temperatures+snip.png Understanding Fish Farming - A key reason why land-based projects are winning the investment race. - Make it stand out Regional temperature profiles https://www.alanwcook.com/blog/the-business-of-aquaculture-podcast-with-lourdes-gant monthly 0.5 2025-01-10 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/c83c4aff-b7c5-4318-acde-d055fe780c7c/Business+of+Aquaculture+Cover+photo.png Understanding Fish Farming - The Business of Aquaculture Podcast with Lourdes Gant - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.alanwcook.com/blog/norwegian-salmon-exports-end-of-year-update monthly 0.5 2025-01-08 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/8061454b-d2c3-45af-b759-11b900fe662b/Norwegian+Whole+Fish+Exports+to+December+2025.png Understanding Fish Farming - Norwegian Salmon Exports - End of Year Update - Make it stand out Norwegian Seafood Council - Fresh Whole Salmon to December 2024 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/6a8956ec-cee2-44a6-b1cd-f6c3725f342b/Norwegian+Fresh+Fillet+Exports+to+Dec+2024.png Understanding Fish Farming - Norwegian Salmon Exports - End of Year Update - Make it stand out Norwegian Seafood Council - Fresh Salmon Fillet exports to December 2024 https://www.alanwcook.com/blog/the-dark-arts-fair-value-adjustments monthly 0.5 2024-12-19 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/e6d8a9f8-8770-4bb2-87f0-7d776d766416/Bakkafrost+Forward+Price+Estimates+q3+2024.png Understanding Fish Farming - The Dark Arts - Fair Value Adjustments - Make it stand out Bakkafrost Forward Price Estimates - Q3 2024 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/10b05e5d-1c66-498b-94f0-e5edba9f7452/Masoval+Forward+Price+Estimates+Q3+2024.png Understanding Fish Farming - The Dark Arts - Fair Value Adjustments - Make it stand out Masoval Forward Price Estimates - Q3 2024 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/1f11247f-f850-40de-9923-a8a49c56e1c3/Grieg+Price+Related+Assumptions+Q3+-+2024.png Understanding Fish Farming - The Dark Arts - Fair Value Adjustments - Make it stand out Grieg Price Related Assumptions Q3 2024 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/e1a21c62-d6d8-4530-837c-7282ea4d03ad/Bakkafrost+Incident+Based+Mortality+Q3+2024.png Understanding Fish Farming - The Dark Arts - Fair Value Adjustments - Make it stand out Bakkafrost Incident Based Mortality Q3 2024 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/6d034d58-a3c0-4ea7-82d6-0f109d35f567/Mowi+Cost+to+Stock+Q3+2024.png Understanding Fish Farming - The Dark Arts - Fair Value Adjustments - Make it stand out Mowi Cost to Stock Q3 2024 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/665cc16c-e54b-4794-8f64-b7bb202a3349/Grieg+Cost+to+Stock+Q3+2024.png Understanding Fish Farming - The Dark Arts - Fair Value Adjustments - Make it stand out Grieg Cost to Stock Q3 2024 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/7b2e7cf5-1da1-4aa1-8423-26c637aa8a45/Masoval+Cost+to+Stock+Q3+2024.png Understanding Fish Farming - The Dark Arts - Fair Value Adjustments - Make it stand out Masoval Cost to Stock Q3 2024 https://www.alanwcook.com/blog/chatgpt-amp-salmon-data-the-trouble-with-tribbles monthly 0.5 2024-12-11 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/66813a86-3f03-48d1-9f3a-13c97f67e3e2/Head+on+desk.jpg Understanding Fish Farming - ChatGPT & Salmon Data - the Trouble with Tribbles - Make it stand out A defeated salmon farmer. https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/d4ed2a57-5ee3-4d87-ab99-36716bcb0204/ChatGPT+for+developing+excel+formulas.png Understanding Fish Farming - ChatGPT & Salmon Data - the Trouble with Tribbles - Make it stand out ChatGPT Screenshot https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/320c9f55-426b-4b0c-bdfe-3e756eed4d4b/ChatGPT+screenshot+first+step.png Understanding Fish Farming - ChatGPT & Salmon Data - the Trouble with Tribbles - Make it stand out ChatGPT Screenshot https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/a36b19c2-dffe-49ce-bc16-2fe784c0fc88/ChatGPT+screenshot+second+step.png Understanding Fish Farming - ChatGPT & Salmon Data - the Trouble with Tribbles - Make it stand out ChatGPT Screenshot https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/557789ea-b244-43fd-b335-0e44b823d3ea/ChatGPT+screenshot+third+step.png Understanding Fish Farming - ChatGPT & Salmon Data - the Trouble with Tribbles - Make it stand out ChatGPT Screenshot https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/d7136188-7970-45f0-86e1-a8d74a525f09/ChatGPT+screenshot+fourth+step.png Understanding Fish Farming - ChatGPT & Salmon Data - the Trouble with Tribbles - Make it stand out ChatGPT Screenshot https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/aa493527-7a83-4b85-8bd5-1568c5f88182/ChatGPT+screenshot+fifth+step.png Understanding Fish Farming - ChatGPT & Salmon Data - the Trouble with Tribbles - Make it stand out ChatGPT Screenshot https://www.alanwcook.com/blog/i82r5mbr8zzliaep7r5a5z7gsbpujt monthly 0.5 2024-12-05 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/8e53b980-d352-4b7c-a82a-0822d403d6e9/Exports+of+Fresh+Whole+Salmon+from+Norway.png Understanding Fish Farming - Plumbing the depths - getting into some deep fish farming nerdcore - Make it stand out Fresh Whole Salmon Exported from Norway https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/268cacf9-84fb-4527-8bee-d133e5dc18cd/Exports+of+Fresh+Fillet+from+Norway.png Understanding Fish Farming - Plumbing the depths - getting into some deep fish farming nerdcore - Make it stand out Fresh Salmon Fillets Exported from Norway https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/5d14856e-61b8-4b71-884c-5f5c833b1a53/Norway+April+Exports+Fresh+HOG+and+Fillets.png Understanding Fish Farming - Plumbing the depths - getting into some deep fish farming nerdcore - Make it stand out Norwegian exports fresh fillets and whole fish - April 2024 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/9d007267-1bb7-4b8c-92a1-e795c21448a4/Current+UB+Pricing+Northeast+US.png Understanding Fish Farming - Plumbing the depths - getting into some deep fish farming nerdcore - Make it stand out Urner Barry Pricing per industry sources - December 2024 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/126c9195-b5f9-48a1-99cf-a42bac062968/Unit+Cost+Development+chart+for+blog+post.png Understanding Fish Farming - Plumbing the depths - getting into some deep fish farming nerdcore - Make it stand out Example Unit Cost Development https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/9a387f17-914f-42ed-b9b9-6b2f3761d8ac/Biomass+Gain+vs+Average+Weight+chart.png Understanding Fish Farming - Plumbing the depths - getting into some deep fish farming nerdcore - Make it stand out Biomass Gain Compared to Average Weight https://www.alanwcook.com/blog/cbv93icdxqxhorzsipl0q1mmhphk2j monthly 0.5 2024-11-28 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/b569b61f-73df-4a8e-b4ed-51e7398d7c37/Blog+Snip+Site+Licenses+as+balance+sheet+items.png Understanding Fish Farming - Aquaculture Site Licenses - An artificial value? - Make it stand out Figures taken from 2023 Annual Reports https://www.alanwcook.com/blog/qjfb2anzoq1ttch9avcztucj3mgiap monthly 0.5 2024-11-22 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/1988f126-6760-4fb0-b681-80c5258a925e/Blog+snip+EBIT+per+kg.png Understanding Fish Farming - The Q3 of our discontent - Make it stand out Figures from Quarterly reports converted to Euros https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/c26dd4ec-788c-4983-b62c-e77a968bc041/Salmon+prices+2024.png Understanding Fish Farming - The Q3 of our discontent - Make it stand out Fish Pool prices courtesy of @Dag Sletmo https://www.alanwcook.com/blog/harvesting-from-offshore-farms-not-for-the-faint-of-heart monthly 0.5 2024-10-31 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/cdd3eb13-1c37-4bfd-a9b5-bdfe47757795/norwegean-gannet.jpg Understanding Fish Farming - Harvesting from offshore farms - not for the faint of heart. - Make it stand out Norwegian Gannet https://www.alanwcook.com/blog/aquaculture-vessels-definitely-getting-their-pound-of-flesh monthly 0.5 2024-10-21 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/22a27c6d-7cd6-479f-afde-93c0fe824042/Ultramax+bulk+carrier.jpg Understanding Fish Farming - Aquaculture Vessels - definitely getting their pound of flesh - Make it stand out Ultra Max Bulk Carrier https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/4cf92295-f81e-4dc7-b7b4-1c77290eebc7/Post+Panamax+bulk+carrier.jpg Understanding Fish Farming - Aquaculture Vessels - definitely getting their pound of flesh - Make it stand out Post Panamax Bulk Carrier https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/b3216fce-b343-4848-a5c0-3b5783ba8eb9/Well+boat+description.png Understanding Fish Farming - Aquaculture Vessels - definitely getting their pound of flesh - Make it stand out Froya AS 2022 Annual Report https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/677931c2-dbca-443d-a15f-6ee0fcffd0f6/Aquaculture+Service+Vessel+description.png Understanding Fish Farming - Aquaculture Vessels - definitely getting their pound of flesh - Make it stand out Froya AS 2022 Annual Report https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/47c255d2-dd35-4bb0-afff-8abedb7997f8/Sea+transport+vessel+description.png Understanding Fish Farming - Aquaculture Vessels - definitely getting their pound of flesh - Make it stand out Froya AS 2022 Annual Report https://www.alanwcook.com/blog/ocean-arc-offshore-concept monthly 0.5 2024-10-16 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/6601e4e4-e385-4eaf-9004-31c290e3cee8/Ocean+Ark+concept+drawing.jpg Understanding Fish Farming - Ocean Arc - offshore concept - Make it stand out Ocean Ark concept drawing https://www.alanwcook.com/blog/whats-next-for-bc-salmon-farmers-i-needed-to-get-this-off-my-chest monthly 0.5 2024-10-08 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/9e8d4db2-964a-4400-bdb6-b35f25230cad/Farmed+Salmon.jpg Understanding Fish Farming - What’s next for BC salmon farmers? - I needed to get this off my chest. - Make it stand out Good looking fish. https://www.alanwcook.com/blog/not-the-least-bit-disruptive-current-thinking-about-salmon-industry-growth monthly 0.5 2024-10-02 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/10c3c720-676f-45ed-81ce-2435adc3225a/IMG_1028.JPG Understanding Fish Farming - Not the least bit disruptive - current thinking about salmon industry growth - Make it stand out Salmon farmers caught in the act of thinking about the future. https://www.alanwcook.com/blog/offshore-farming-will-we-make-it-through-the-valley-of-death monthly 0.5 2024-09-25 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/54117fe1-25ed-40c5-9991-6d49f1e4a089/Ocean+Farm+1.jpg Understanding Fish Farming - Offshore Farming - will we make it through the valley of death? - Make it stand out Salmar's Ocean Farm 1 https://www.alanwcook.com/blog/why-is-it-so-hard-to-farm-fish monthly 0.5 2024-09-19 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/c27fb3ac-3238-4052-9701-b0b9fd2dd86d/Old+fish+farm.jpg Understanding Fish Farming - Why is it so hard to farm fish? - Make it stand out My old stomping grounds near Bainbridge Island, WA https://www.alanwcook.com/blog/mechanical-delousing-impacts-and-costs monthly 0.5 2024-09-10 https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/ec947bd8-33bc-453c-9eba-064a4fe3617b/IMG_0170.JPG Understanding Fish Farming - Mechanical Delousing - Impacts and Costs - Make it stand out Sea lice treatment vessel - Newfoundland https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/b1b61c3e-a032-43ce-9125-0143e3bbcb4e/Mechanical+treatment+production+scenarios.png Understanding Fish Farming - Mechanical Delousing - Impacts and Costs - Make it stand out Production impacts of having to treat for sea lice with mechanical systems https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/fac87720-a092-46ee-82d6-fc913807d08f/Mechanical+Treatment+feed+impact+chart.png Understanding Fish Farming - Mechanical Delousing - Impacts and Costs - Make it stand out Impact on farm feeding rates of mechanical treatments https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/2177a98b-8a6a-499e-b99d-f057088db9cc/Mortality+impacts+of+mechanical+treatment.png Understanding Fish Farming - Mechanical Delousing - Impacts and Costs - Make it stand out Assumed incremental mortality https://images.squarespace-cdn.com/content/v1/66741149ebeddb654263486c/80226745-40c6-4c1e-9132-a154631dfd89/Mechanical+Treatment+Vessel+Costs.png Understanding Fish Farming - 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