Catch Share Plan for Wreckfish (1991)

The South Atlantic Fishery Management Council is considering making changes to the current Wreckfish ITQ program.  Although implemented in 1992 as one of the first ITQ programs in the Nation, Wreckfish ITQ management has not undergone any changes since that time.  The Council is also considering additional changes due to proposal of an ACL of 250,000 pounds as a new aggregate quota for harvest which is significantly lower than the 2 million pound TAC that currently exists.  While there were approximately 90 participants in the early 1990s, the current number of participants is very low and exchange of shares and annual pounds does not occur often.  The participants have not harvested the current TAC of 2 million pounds in the past 15 years and there is little understanding as to why the fishery has such low participation rates.  To provide some insight, the Wreckfish program underwent a review by Council and NMFS staff in 2009.  The review was delivered to the Council in mid-2009 with guidance on possible changes to be made to the program so that goals and objectives outlined in 1992 could be met.  The review also included conversations with current shareholders and past participants. There are currently 25 shareholders in the wreckfish ITQ program.  Council staff had informal conversations with 10 individuals representing 12 shareholders (48%) regarding the history of the wreckfish fishery.  Currently, four or less shareholders (16%) participate in the wreckfish fishery, however, some do not participate every year.  Conversations focused on 1) why a derby fishery occurred in the late 1980s; 2) why landings dropped off shortly after implementation of the ITQ; 3) why the TAC has never been reached; 4) why coupons have gone largely unused for over a decade and why shares associated with those coupons have not been sold; 5) the current state of the wreckfish fishery; and 6) desired changes to the Wreckfish ITQ.  While fishery participation appears illogical, the results of the review reveal rational economic decision making behavior.