CLEAN Seas Tuna has released its annual report, stating its original vision of producing southern bluefin tuna has been slower than anticipated.
"The yellowtail kingfish business was introduced to prepare the company for the production of tuna juveniles, and it has achieved an excellent market for high quality yellowtail kingfish in the seafood industry, both domestically and globally," the company said.
"Importantly, Clean Seas has positioned this product at the top end of desirable fish in sashimi restaurants and quality seafood restaurants with strong demand worldwide, particularly in Australia, Europe and Asia.
"Prices and demand have strengthened as the product is recognised for its quality and reliability."
The company said its recent progress had increased its certainty that it could build significant farming and fresh fish sales based on kingfish production for Australian and international markets.
"Despite encouraging positive progress, there were still challenges for the board and shareholders as we made hard decisions to defer the tuna propagation research, revalue the assets of the company and refocus the business as a premium producer of yellowtail kingfish for world markets," the company said.
In the report, the company also said it had obtained a research subsidy to continue with its southern bluefin tuna research.
"We have secured a research subsidy for retaining our tuna broodstock and we will continue to undertake discrete research projects that will advance our knowledge in supporting the survival of our tuna fingerlings as they meet the challenge of marine grow-out."