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Developing an Economic Profile of Texas Shrimp Trawling Operations in The Gulf of Mexico

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Abstract
  • The annual assessment of shrimp fishing performance is important to three interrelated audiences: the regulatory community which defines the policy arena in which fishermen operate, financial institutions which extend credit, and producers. Historic, economic performance data enables policy makers to estimate the ability of producers to absorb production losses and/or increased expenses that resource management measures may mandate. Likewise, commercial lenders accustomed to using industry benchmarks can compare historic performance of a loan applicant against his peers. At the firm level, if key measures of competitiveness such as production costs, profitability, and return on assets are to be improved, producers can gain from knowing how their performance compares against industry standards. This paper describes the development of a database that meets the needs of these three audiences. Annual economic, financial, and production data are provided by cooperating vessel owners. Accrual-adjusted financial statements are the primary sources of financial and economic information while fishing records highlight production-oriented measures (e.g. days-at-sea, gallons of fuel used, pounds harvested, etc.). To create benchmarks in production costs, revenues, and equity changes, a standardized set of ratios and measures is computed that reflects the financial position and performance of trawlers over time. These ratios and measures are computed according to guidelines adopted by the Farm Financial Standards Council. With this information, the impacts of proposed regulations can be assessed both economically and financially providing a basis for communication with policy makers. Similarly, such ratios and measures allow commercial lenders and cooperators to compare individual performance against industry standards.
  • Keywords: shrimp fishing, financial performance, economic analysis
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Citation
  • Haby, M.G., L.L. Falconer and J.L. Parker. Developing an Economic Profile of Texas Shrimp Trawling Operations in The Gulf of Mexico. In: Microbehavior and Macroresults: Proceedings of the Tenth Biennial Conference of the International Institute of Fisheries Economics and Trade, July 10-14, 2000, Corvallis, Oregon, USA. Compiled by Richard S. Johnston and Ann L. Shriver. International Institute of Fisheries Economics and Trade (IIFET), Corvallis, 2001.
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Conference Location
  • Corvallis, Oregon, USA
Proceedings Editors
  • Johnston, Richard S.
  • Shriver, Ann L.
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  • MG Kailis Group
  • International Institute of Fisheries Economics and Trade
  • U.S. National Marine Fisheries Service
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