Fishing licences in blind auction

The deadline for submitting bids to the blue whiting fishing rights auction is noon tomorrow.

Bidders at a blind auction submit a sealed bid so that only they can see their bid.

The bidders state the amount they are bidding on and the price, and then the submitted bids are prioritised according to the highest unit price.

The lowest accepted bid dictates the price that everyone is to pay.

Blue whiting fishing licences for one, three and eight years will be auctioned off tomorrow. Some 18,169 tonnes will be sold as one-year licences, 7,000 tonnes as three-year licences and 14,000 as an eight-year licences.

On 26 April and on 2 May, the fishing rights to 50,000 tonnes of blue whiting were sold in an open auction. All these licences were valid for one year.

On 13 June, the fishing rights to bottom fish in Svalbard and the Barents Sea will be sold at a blind auction. Mackerel and North Sea herring fishing licences will be auctioned off later this month.

Translated by prosa.fo.