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The Vanguard - Business - Natural resources

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Lobster fishing costs

Published on November 20th, 2008; Published on January 31st, 2010

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Ever wondered about the costs associated with fishing lobster? The following figures are minimal estimates.

Annual DFO lobster fishing fee: approx. $1,890

One-time purchase of lobster license - $350,000 (fluctuates)

Bait - $300-$400 per trip

Fuel - $600 (18 to 20 miles offshore)

Each crewmember receives 10 to 12.5 per cent of catch (can be as much as $1,000 trip but varies with catch)

Contributions to workman’s compensation - $6 for every $100 in wages.

Employment Insurance crew deductions must be matched by fishermen owning a registered company

Insurance on $400,000 boat - $7,000 annually

Payments on boat loan - $40,000/annually (principal and interest) $70,000/annually if lobster license inc.

New traps (generally 50 to 100/year @ $100/pot) - $5,000

New lines (rope) - $2,000 annually

Change oil on boat - $400

Steamship inspection once every four years - $4,000

Mechanical repairs are not included in above estimate

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