This Is How the AI Bull Market Ends

They say this AI bull market can't go on for much longer...The truth is -- they're half right. The AI bull market as we know it right now will end...But it will then quickly evolve into a new type of market where a new type of AI stock will dominate. You want to be positioning yourself for this new AI bull market...

US lobster catch drops as crustaceans migrate to colder Canadian waters

PATRICK WHITTLE
February 28, 2025

SCARBOROUGH, Maine (AP) -- The U.S. lobster industry's catch keeps sliding as fishermen contend with the northward migration of the valuable crustaceans.

The industry is based mostly in Maine, where lobsters are both a cultural signifier and the backbone of the coastal economy. The state's haul of lobsters has declined every year from 2021, when it was nearly 111 million pounds, to 2023, when it was less than 97 million pounds.

That decline extended into 2024, when the haul was about 86.1 million pounds, according to data released by state regulators on Friday. That is the lowest figure in 15 years. A series of major storms that damaged waterfront communities and disrupted fisheries was a key factor in the reduced catch, officials said.

Gov. Janet Mills, a Democrat, praised the industry for its perseverance.

"During a year shaped by unprecedented storms and damage to our working waterfronts, Maine's commercial fishermen, aquaculturists, and seafood dealers once again delivered a major economic benefit to our state," she said.

Last year's catch was still historically high, as Maine fishermen never exceeded 80 million pounds prior to 2009. Hauls in the 2000s were typically between 50 million and 80 million pounds. Hauls in the mid-2010s were routinely above 120 million pounds.

The fishery remained economically strong in 2024. Maine fishermen took home more than $528 million at the docks, and that was the highest total since 2021, state officials said. Demand for the product, one of the most expensive seafoods, remained high, and the price per pound was one of the highest on record.

The state is meeting the challenges of climate change head-on, said Patrick Keliher, the commissioner of the Maine Department of Marine Resources. The governor has secured funding to "help rebuild damaged coastal infrastructure, make it more resilient to the effects of climate change, and protect critically important waterfront access for those who make a living on the water," he said.

But numerous environmental and economic challenges threaten the industry's future. One of the biggest is the decline in the number of baby lobsters settling off New England. The young lobsters have to take shelter and grow to legal size to sustain the future of the fishery. Scientists have said the lobster population is migrating north to cooler habitats as oceans warm.

The Maine lobster industry is also linked to Canada's seafood industry and could be disrupted by new tariffs. Canadian fishermen harvest the same species of lobster as American fishermen, and much of the processing capacity for the seafood is in Canada. Tariffs are likely to increase prices on both sides of the border, members of the industry have said.

Another major challenge is the possibility of new rules to protect critically endangered North Atlantic right whales, which are vulnerable to entanglement in commercial fishing gear. Fishing groups have engaged in protracted court cases against the government over stricter fishing rules.

Other states, including Massachusetts, Rhode Island and New Hampshire, also have lobster fishing industries, but Maine's is by far the largest, and the size of the Maine harvest gives a firm indication of the health of the American lobster industry at large. Maine accounted for about 78% of the country's total lobster haul in 2023.

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