Odd Lots

How a Sardine Gets From the Ocean to a Can

Brief

Becca gives a granular view of supply chains: anchovies from Santona in Cantabria are caught with purse‑seine nets ~6 miles offshore, auctioned with a numeric quality grade, then headed/tail‑clipped and rock‑salt cured for 12–36 months (Fishwife uses 12–18 months). Anchovies are salt‑cured, not heat‑treated, which yields a short ~1‑year shelf life compared with 5–7 years for most other canned fish. She contrasts family‑run European canneries with the post‑industrial decline of U.S. canneries and the shift of processing capacity to Asia. On the Moroccan situation Becca clarifies that the ban targets frozen exports (allowing domestic canning), that Spain historically relied on ~90% of Moroccan raw material, and that Moroccan catches fell ~46% in 2023. She argues the most plausible drivers are climate‑related (warmer waters, plankton shifts, and migration of forage fish), not simple overfishing—citing MSC and Seafood Watch assessments that show the fisheries are being managed rather than collapsing. Operationally, the market shock produced a big demand spike—sardine sales velocities rose 2–3x starting in December 'last year' and later 4–5x—forcing Fishwife to occasionally air‑freight product to meet retailer needs and compressing margins. Throughout the conversation Tracy, Joe and Becca agree that canned fish supply chains are long, nuanced and brittle to sudden shifts, and Becca stresses that responsible fishery management (temporary closures, certification) can and has allowed stocks to recover when applied properly.

Why it matters

Speaker 2 (Tracy Alloway) reported Morocco recently imposed an export ban that affects roughly 50% of the world's sardine supply, citing overfishing concerns and low plankton availability.

Key details

  • Speaker 5 (Becca Milstein, founder & CEO of Fishwife) said Morocco's ban applies to frozen sardine exports (not canned product) and that historically about 90% of Moroccan raw sardine material was exported to Spanish canneries.
  • Becca described Cantabrian anchovy processing: caught ~6 miles offshore with purse seine nets, auctioned and quality-ranked, then headed/tail-clipped and rock-salt cured 12–36 months (Fishwife typically uses 12–18 months); anchovies are not heat-treated and have ~1-year shelf life versus ~5–7 years for most other canned fish.
  • Fishwife sources sardines from the Cornish (Cornwall) fishery (about five years) and added the MSC-certified Iberian sardine fishery after its MSC certification 'last year'; Becca emphasizes both are MSC-certified sustainable fisheries.
  • Becca said Fishwife (about 5.5 years old) completed a supply-chain transformation in 2023 to partner with canneries capable of ~80–100 million cans/year; the company now has 18 employees but still faces long lead times and the planning challenges of a slow, capital‑intensive industry.
  • Becca reported a surge in Fishwife sardine demand beginning December 'last year'—initially 2–3x past velocities and later 4–5x—forcing the company to air‑freight stock for some retail orders, compressing gross margins.
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