Circular 01/25 Changed Settlement Period for Fishermen – New Advance Payment Scheme

Longer Settlement Period for Fishermen 

After many years of strong turnover growth, Sildelaget is now budgeting for a significant decline in turnover. This results in reduced income from the commission fee. 

To address the anticipated income loss and the rising cost trends in recent years, the board has decided to adjust the settlement period for fishermen. Effective January 1, 2025, the settlement period will align with that of buyers, which is 30 days after delivery. 
 

Lower Commission Fee 

As part of the package, the board has also resolved to propose a reduction in the commission fee from the current 0.55% to 0.5% at the ordinary annual meeting in the spring, to take effect on July 1, 2025. 
 

New Advance Payment Scheme 

Starting January 1, 2025, a new advance payment scheme will be introduced, allowing fishermen to request payment for all or part of their settled catches before the due date. The advance payment will incur an ongoing interest cost for the period until the due date, currently set at 6% p.a.

Advance payments can be requested via email to [email protected], specifying the settlement number, amount, and desired payment date. The interest cost will be deducted from the advance payment. 
 
The settlement period for fishermen is regulated under § 17.1 of Norges Sildesalgslag's business rules. Effective January 1, 2025, § 17.1 will be amended to: 

"Payment terms for fishermen are net 30 days from the delivery date." 

Best regards, 
NORGES SILDESALGSLAG