9 Total Profit

By primary gear, scallop dredge has considerably higher mean and median total profit than other gear groups. Trawl vessels show the second highest profits. All other gear groups show a negative mean profit. For scallop dredge and trawl gear, mean values greatly exceed median values. For gillnet and pot/trap vessels, mean and median values are similar. In terms of operating profit, mean and median values are relatively close for a number of gear types (longline, pot/trap, scallop dredge). However with total profits, a considerable range is evident in most gear groups. These wide ranges are to be expected as some vessels have extensive repairs and/or upgrades during 2022 while other vessels may have incurred these costs in other years. If a vessel were to show negative total profit in the long run, vessel operations would not be economically viable. Since the cost survey is not conducted on an annual basis, the ability to assess long-term vessel profits is limited.

Table 9.1: Total Profit by Primary Gear
Gear Response Sample Response (%) Mean Median Standard Deviation
Gillnet 9 89 10% -$3,706 -$4,693 $64,274
Handgear 53 365 15% -$35,310 -$15,395 $107,719
Longline 4 24 17% -$48,867 C* C*
Pot/Trap 158 1347 12% -$6,269 -$3,419 $127,511
Scallop Dredge 28 219 13% $264,805 $161,993 $265,039
Trawl 26 190 14% $128,770 $22,859 $335,225
Note:
C* indicates data not presented to protect confidentiality
Boxplot by primary gear showing median, Q1, and Q3 total profit values with whiskers extended to the inter-quartile range (Q3-Q1) multiplied by 1.5. All gear groups with at least five responding vessels are included in the plot. Median, Q1, and Q3 values are highest for the scallop dredge group. For these vessels, the inter-quartile range extends from roughly $62,500 - $375,000. Trawl vessels show a wide range of profitability with an inter-quartile range of approximately -$100,000 - $250,000. Pot/trap vessels show a range of roughly -$50,000 - $50,000. Gillnet and handgear vessels show little to no total profit with median values around $0.

Figure 9.1: Distribution of Total Profit by Primary Gear


By FMP, scallop and squid, mackerel, butterfish have the highest mean and median total profits. The difference in profits between these two fisheries and all other FMPs is considerable. Groundfish has the third highest mean and median values. The lobster fleet, representing over half of the total observations, shows slightly negative mean and median profits. The fluke, black sea bass, scup fishery shows positive mean profits but a negative median value. In terms of operating profit, mean and median values are relatively close for a number of fisheries (groundfish, herring, scallop, and squid, mackerel, butterfish). However with total profits, a considerable range is evident in all fisheries. These wide ranges are to be expected as some vessels have extensive repairs and/or upgrades during 2022 while other vessels may have incurred these costs in other years. If a vessel were to show negative total profit in the long run, vessel operations would not be economically viable. Since the cost survey is not conducted on an annual basis, the ability to assess long-term vessel profits is limited. The considerably higher mean values compared to median values for many fisheries (summer flounder, black sea bass, scup, groundfish, scallop, and squid, mackerel, butterfish) is an indication of a relatively small group of vessels with high profits and a much larger group with limited to no profits.

Table 9.2: Total Profit by Primary Fishery
Fishery Response Sample Response (%) Mean Median Standard Deviation
Channeled Whelk 3 23 13% -$1,524 C* C*
Dogfish 3 22 14% -$26,303 C* C*
Groundfish 7 52 13% $115,064 $21,800 $271,322
Herring 4 6 67% -$37,635 C* C*
Highly Migratory Species 34 196 17% -$51,860 -$22,366 $148,069
Lobster 151 1274 12% -$8,093 -$4,462 $128,436
Monkfish 3 20 15% -$44,981 C* C*
Scallop 28 227 12% $264,805 $161,993 $265,039
Squid, Mackerel, Butterfish 9 60 15% $208,998 $179,847 $433,799
Striped Bass 12 65 18% -$4,435 -$7,030 $21,277
Summer Flounder, Scup, Black Sea Bass 24 135 18% $47,593 -$2,385 $177,196
Note:
C* indicates data not presented to protect confidentiality
Boxplot by primary fishery showing median, Q1, and Q3 total profit values with whiskers extended to the inter-quartile range (Q3-Q1) multiplied by 1.5. All fishery groups with at least five responding vessels are included in the plot. Median, Q1, and Q3 values are highest for the scallop and squid, mackerel, butterfish groups though both show a high level of variability in profits. For example the inter-quartile range for scallop vessels is roughly $75,000 - $375,000 and the range for squid, mackerel, butterfish is roughly -$75,000 - $300,000. All other fisheries show considerably lower median and Q3 values than the top two fisheries. For example, the Q3 value for groundfish vessels is around $100,000 and roughly $50,000 for lobster and summer flounder, scup, black sea bass. However, Q1 values for each of these three fisheries exceed the Q1 value (-$75,000) for squid, mackerel, butterfish. Highly migratory species and striped bass vessels show little to no total profit with median values slightly below $0.

Figure 9.2: Distribution of Total Profit by Primary Fishery


When primary gear and FMP are combined, scallop dredge-scallop, trawl-squid, mackerel, butterfish, and trawl-groundfish, have the highest mean profits. Median values tell a different story, with trawl-groundfish showing profits more similar to trawl vessels in the summer flounder, black sea bass, scup fishery. Median profits are highest for trawl-squid, mackerel, butterfish, and scallop dredge-scallop. Within primary gear types, a considerable difference in total profit is found across fisheries. For example, within the pot/trap gear group, summer flounder, black sea bass, scup vessels have higher median profits compared to lobster. This is noteworthy as lobster vessels showed higher revenues than summer flounder, black sea bass, scup vessels within the pot/trap gear group. Within the trawl group- squid, mackerel, butterfish vessels show substantially higher median profits compared to groundfish or summer flounder, black sea bass, scup vessels. Wide ranges within Gear/FMP groupings are to be expected as some vessels have extensive repairs and/or upgrades during 2022 while other vessels may have incurred these costs in other years. If a vessel were to show negative total profit in the long run, vessel operations would not be economically viable. Since the cost survey is not conducted on an annual basis, the ability to assess long-term vessel profits is limited.

Table 9.3: Total Profit by Primary Gear/Fishery
Gear-Fishery Response Sample Response (%) Mean Median Standard Deviation
Gillnet-Monkfish 3 20 15% -$44,981 C* C*
Gillnet-Other 6 69 9% $16,932 $10,079 $66,673
Handgear-Highly Migratory Species 31 184 17% -$50,486 -$23,299 $138,452
Handgear-Other 3 71 4% -$16,658 C* C*
Handgear-Striped Bass 10 54 19% -$9,877 -$7,030 $8,079
Handgear-Summer Flounder, Scup, BSB 9 56 16% -$17,513 -$7,506 $34,870
Longline-Highly Migratory Species 3 10 30% -$66,055 C* C*
Pot/Trap-Lobster 149 1268 12% -$8,556 -$4,462 $128,819
Pot/Trap-Summer Flounder, Scup, BSB 6 23 26% $48,150 $5,369 $122,429
Pot/Trap-Whelk 3 23 13% -$1,524 C* C*
Scallop Dredge-Scallop 28 215 13% $264,805 $161,993 $265,039
Trawl-Groundfish 5 41 12% $158,714 $26,542 $319,314
Trawl-Other 4 40 10% -$85,770 C* C*
Trawl-Squid, Mackerel, Butterfish 8 53 15% $235,822 $209,659 $455,701
Trawl-Summer Flounder, Scup, BSB 9 56 16% $112,328 $19,176 $264,958
Note:
C* indicates data not presented to protect confidentiality
Boxplot by primary gear/fishery showing median, Q1, and Q3 total profit values with whiskers extended to the inter-quartile range (Q3-Q1) multiplied by 1.5. All gear/fishery groups with at least five responding vessels are included in the plot. The results compare values for different fisheries within the handgear, pot/trap, and trawl gear groups. There is considerable variability within gear groups. For example within the trawl group, squid, mackerel, butterfish vessels show considerably higher median and Q3 values compared to groundfish and summer flounder, scup, black sea bass vessels. Q1 values for all three trawl fisheries extend below $0. Q3 values are roughly $200,000 for groundfish and summer flounder, scup, black sea bass trawl vessels but approximately $400,000 for squid, mackerel, butterfish vessels within the gear group. Pot/trap vessels for both the lobster fishery and the summer flounder, scup, black sea bass fishery have median values around $0 with Q3 around $50,000. All three fisheries within the handgear group show total profit values around or below $0.

Figure 9.3: Distribution of Total Profit by Primary Gear/Fishery