No whaling this summer
mbl.is/Eggert Jóhannesson
Hvalur hf., Iceland's sole commercial whaling company, has announced it will not engage in whaling this summer. The decision comes amid plummeting product prices in Japan, the company’s main market, and ongoing global economic uncertainty, including the effects of a tariff war.
“As the situation presents itself to us, Hvalur hf. has no choice but to wait and hope for better times,” said Kristján Loftsson, CEO of Hvalur hf. “We will review the situation again in the new year.”
Kristján Loftsson, CEO of Hvalur hf. mbl.is/Júlíus Sigurjónsson
Low prices and market instability
Loftsson says that falling prices in Japan, where the majority of Icelandic whale products are sold, have reached a point where whaling is no longer economically viable.
“The product price developments in our main market, Japan, have been unfavorable recently and are getting worse,” he said. “The price of our products is now so low that it is not justifiable to hunt.”
Vilhjálmur Birgisson, chairman of the Akranes Trade Union. mbl.is/Eggert Jóhannesson
"A blow to the local community"
The decision has sparked disappointment in West Iceland, particularly in Akranes, where whaling has been a key seasonal industry.
“This is very sad news and a big blow to our members and the local economy,” said Vilhjálmur Birgisson, chairman of the Akranes Trade Union. “Whaling is of enormous importance to our community. Around 1.2 billion ISK is paid out in wages during the season, and most of that stays local.”
Birgisson emphasized the ripple effect the decision will have, noting that up to 200 people are typically employed during the whaling season. He also pointed out the economic losses to both municipalities and the state due to lost tax revenue and halted value creation.
“In 2023 alone, export revenue from whale products totaled three billion ISK. That’s not a small sum for our economy,” he said. “Our municipalities are losing almost 15% of wage costs as local government revenue, and the treasury takes a hit as well.”
Hope for the future
While the news is disappointing, Birgisson remains cautiously optimistic that the situation could improve.
“There’s no point in crying over it now. We just have to hope that conditions improve so that people can return to whaling in 2026,” he concluded.
