…calls on Gov’t to intervene urgently
By: Davina Bagot

Kaieteur News- General Manager of Pritipaul Singh Investments (PSI), Pritipaul Singh, is fearful of what the future holds for the fishing industry in Guyana, given a 77% decline in catches and revenue recorded by his company since 2019.

The businessman, in an interview with Kaieteur News on Monday, detailed what he described as a reduction in profits and catches since the operator of the Stabroek Block, ExxonMobil Guyana Limited (EMGL), commenced oil production in 2019.

PSI started the harvesting and processing of seabob (shrimp) in the year 2000. The company quickly discovered a huge demand in the foreign market for the produce and commenced exporting.

The General Manager recalls enjoying “extensive exports” between 2000 and 2010. He said, “We started exporting from one container to two containers, to 10 containers, to 20 containers per week in the peak years from 2000 to 2010. We did extensive production because the shrimp was there and we saw the opportunity to fish and export because the demand was there for it.”

Despite the demand still being present today, the business has been faced with challenges that has resulted in PSI failing to meet its customers’ demand.

Singh explained, “When they started that oil exploration from 2015 to 2020, we had seen a slight decline, we are all apprehensive about this. We never thought it would have been to the extent where it is today, where from a production of 20M pounds to 5M pounds annually.”

The General Manager said that after the 5M raw materials are processed, the product falls to about 2.5M pounds.

Currently, PSI exports most of its produce, with 99% being shipped to different countries in the Caribbean and even the United States and Europe. A small percentage is also used to supply the local market since the demand is not as high, according to the company.

Pritipaul Singh Investments owns about 107 fishing vessels which are equipped with food, fuel and other supplies for the fishermen, who spend about 7-8 days offshore, depending on the volume of catch recorded.

Prior to oil production, the General Manager said fisherfolk spent three to four days offshore but this has increased to as much as 15 days at sea. This has also caused an additional strain on the establishment, with operational expenses growing.

“We are spending more time, we are being less productive, we have to put more groceries on board, so it’s more expense, less returns,” the businessman said.

According to statistics recorded by the company over the past five years, catches have declined significantly. “From 2019, these represent numbers of catches, and from 2019 right onto 2024, you can see a complete decline in the number of catches that are coming in. It reflects a 77% reduction, approximately both in raw materials and revenue generation for the company,” PSI said in explaining a data chart seen in this article.

Future of fishing

Although Singh has seen dwindling catches and profits, the businessman said he is reluctant to turn his back on the industry. To offset his expenses, he is now exploring other business options.

“Because of my extensive expansion and my commitments to the bank, I cannot jump out of it. I have to find solutions,” he stressed. Consequently, Singh explained that PSI is entering the construction and retail of concrete piles and concrete blocks, among other things.

To date, Singh has invested over US$50M into his business and still has outstanding loan payments to the bank.

“I have to continue hoping that something would change in the years to come, but my diversification can eventually put me in a different direction, which can end with me out of the seafood business, depending on my potential in this field of investment,” he said.

Importation

As an exporter, Singh said he may even have to consider importing stocks to keep his processing facility in Guyana alive. This, however, also has challenges, given global competition, tariffs and other taxes. “When you import these raw materials, they have to process, so that’s a cost, and then to re-export it may be uncompetitive, so it may not make sense, but it is something for us to consider,” the businessman said.

Besides the seabob production, PSI’s business also includes fish, which is supplied by artisanal fisherfolk. The General Manager explained, “We buy fish from the whole country, so other than the shrimp business, there is still a percentage of fish which is 25% of the business, so to combine the two, we are trying to stay afloat.”

Govt. not concerned

Singh told this newspaper that he has raised his concerns with the government. In fact, this has been done repeatedly, according to the businessman. “Everything was shared, and it’s something continuous that we keep doing because of the difficulty with the business,” an almost desperate entrepreneur related.

According to him, “We wrote to the Minister of Finance seeking assistance with financing, lower interest rates, because of the position we are at, we cannot meet our financial commitment to the banks. We also shared this with the Minister of Agriculture, the President and everybody who can help us but we got no response.”

“We were looking to see what help we can get to survive in this business. We have in excess of 1000 employees; they would be out of jobs if this place is to close down. Indirectly, we have 10,000 people that could be affected because the fishermen have families and those persons depend on that revenue to spend in the shops, if they (vendors) don’t have the revenue, their sales would automatically reduce,” the businessman added.

Singh noted that his efforts to engage the government on the situation commenced around 2023 when PSI faced difficulties with meeting its commitments to the bank and paying wages.

He noted, “We are right now in arrears with payment for NIS, payments for PAYE. You go to the government to ask for help but we are being pressured to pay up. If not, you have penalties to deal with, but nobody is concerned about this.”

The businessman complained that even though the government has been furnished with statistics, the leaders seem more concerned about the oil sector.

Since oil production commenced, two of Pritipaul Singh’s competitors have left the seafood business; Gopie Investments Inc. and Noble House Seafoods Limited have closed their doors, with PSI fearing that his business may be heading in the same direction.

“As a result of the closure of the two companies, I am the only one in existence. As a result, I shoulder all expenses that relate to certification…we finance everything that relates to get scientists, data, people going on our boats. We look after all this and the business is in a dire state,” he shared.

The businessman told this newspaper that while meetings are held occasionally where concerns about the industry are discussed, the commitments to address these have so far failed.

With the oil and gas sector expanding, resulting in more frequent vessel movement offshore, Pritipaul Singh Investments is still hoping that offshore fishing does not die.

“Right now, all I can do is hope to stay in business. I just hope that it doesn’t change drastically to where we would not see any fishing taking place,” he said.

(Pritipaul Singh exports drop to two containers monthly from 20, as catches reduce offshore)

Original link posted by Kaieteur News on April 04, 2025