Sadly, things have not improved on the Maine lobster fishing front since my first reports from last summer. A recent article in Fortune highlighted that the "boat" price of lobsters has crashed from a peak price of about $10 a pound in the winter of 2006 to a mere $2.25 today.
With the cost of fuel and bait still rising - the price of bait has doubled since 2007 - the fishermen are really struggling. The lobster catches are strong but as supply goes up and demand comes down, the value of lobsters becomes even more diluted.
Most lobster fishermen have been fishing all their lives (my brother got his first boat when he was 12). They don't know any other trade and in the small communities where most Maine fishing takes place, there aren't many other viable employment options. So getting another job isn't an easy option.
The Fortune article also stated that the average age of a Maine lobster fisherman is 54 years old. It's these older fishermen for which I especially feel bad. As they approach retirement, many of them, like my parents, have been investing money in the stock market (there's no 401K program for lobster fishermen!) Now they are being hit with a double whammy - their investment portfolio has been cut in half while their current annual income is shrinking down to nothing.
Hopefully things will return to normal when the economy recovers. For the older fishermen, that day can't come fast enough.
For current updates on the Maine lobster fishing season, click here.
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