“Auctions and forward markets share a common overlap in price discovery,” Keith Flett the CEO and Founder of Open Ocean Trading commented. “It was only a matter of time until we merged our ideas and overall enthusiasm to create major change in this industry.” Kevin Murphy, CEO and Co-Founder of Aikido Bay added, “This strategic partnership will broaden the marketplace and ensure stable margins for both buyers and sellers. We are excited that our teams can work together going forward, and will continue to deliver on our promises of transparency, anonymity and traceability.”
The partnership intends to combine technology platforms, clients and resources between the two companies, and was successfully piloted in the second quarter of 2014. Through these efforts, the two companies unlock access and provide price discovery for the lobster fishery across two countries, five provinces and five states. Jean Lavallee, lobster expert and Principal Consultant and Founder of Aquatic Science and Health Services noted, "We all know how fragmented the lobster industry is in North America. I see a lot of potential in this partnership to better unify some of the segments of the chain-of-custody. I also see great opportunities to implement consistent and standardized quality practices and grading to help reduce shrinkage and price fluctuation."
Through the standardization of logistics and by working with current industry relationships, Open Ocean Trading and Aikido Bay plan to stabilize the ongoing gluts and droughts of harvest while maintaining stability in pricing. “It is crazy that in 2014 menus still read ‘market price’ for lobster. Something is not right when a restaurant pays up to $48 per pound for quality lobster ” said Bryan Szeliga ex-chef and Director of Business Development for Open Ocean Trading, “Just think of the possibilities for new markets and sales growth in restaurants and retailers by simply stabilizing the price of lobster.”
“The goals are lofty, but achievable,”
The two companies are currently wrapping up the Canadian season and have a handful of ports online in Maine. For more information or to become active in their markets feel free to contact firstname.lastname@example.org or email@example.com.
Open Ocean Trading (http://www.openoceantrading.com/
Aikido Bay (http://www.aikidobay.com/)