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Leaping to the largest aquaculture company in Korea

Green Fish Farm - Korea's largest high-tech eel farming complex operator

Green Fish Farm is operating the largest eel farming complex in Korea with a scale of 4.05 acres in Dangjin, Chungnam Province

It has a total of 224 aquaculture tanks in the complex, and the output per area is maximized by applying a building-type tank.

Greenhouse technology by Green Plus is applied to keep the growing environment constant → Optimized for eel farming sensitive to water temperature

Outside view of the Green Fish Farm

Scale : 4.05 acres
Dang-in Aquaculture Complex-Production Capacity : 224 Aquaculture Tanks

  Water Tank Boiler Hot Water Tank Oxygen Tank
1st farm (September 2017) 112 units 2 units 1 unit 15t
2nd farm (May 2018) 112 units 2 units 2 units 10t
Total 224 units 4 units 3 units 25t

Green Fish Farm Aquaculture System

  • 1

    Culture inside the greenhouse

    Maintains a constant water temperature by applying the greenhouse technology of Green Plus → Maximizes profitability

  • 2

    Automatic sorting system

    Inventory management according to the eel size

  • 3

    Circulation filtration system

    Minimizes the environmental pollution and reduces the fuel cost

  • 4

    Central control system

    Growth management and collective death prevention through the real-time monitoring

A scale of approximately 25 billion won in the annual eel sales

An average of 12,000 eels can be farmed per tank, and 2.7 million can be produced based on the 224 tanks.

The cost of purchasing the fry accounts for the largest portion of the eel farming business, and the operating profit margin considering other breeding costs is around 24%.

Maintains less than 5% mortality by precisely managing the growing environment of eel through circulation filtration system and real-time monitoring

The eel farming revenue structure at the Green Fish Farm

  • 1

    Fry purchase

    The eel consumed in Korea is a Japonica species from the Far East.

    Traded at 4,000~5,000 KRW per eel

    Recently, domestic fry is imported from China, Southeast Asia, and Taiwan due to insufficient quantity.

  • 2

    Farming

    Fry is farmed for 10 to 14 months after stocking

    Maintains a uniform growth rate by sorting according to the size every two months through an automatic sorting system

    An average of 12,000 per tank can be farmed

    Sales of adult fish is 10,000 KRW per eel

  • 3

    The Shipment

    The shipping weight per eel is 333g

    Bundles 3 eels and ship in 1kg increment

    Sold through the wholesale channels

Structure of the cost/revenue per eel

*Based on farming 2 million eels and shipping for 14 months after stocking

Sales price of one eel
10,000 KRW		  
  Sales profit: 2,350 KRW (24%)
  Depreciation expenses, etc.: 850 KRW (9%)
  Utilities: 600 KRW (6%)
  Labor cost: 200 KRW (2%)
  Feed cost: 1,500 KRW (15%)
  Purchase price of fry: 4,500 KRW (45%)
Based on 1 eel  

Planning to expand market share based on the state-of-the-art aquaculture facilities

Domestic eel production has grown by more than 20% each year.

However, the domestic eel farming market is still a fragmented market with more than 400 small companies competing against one another.

Green Fish Farm will continue to expand its market share based on the largest and the most advanced aquaculture facilities in Korea.

Trend of domestic eel production

Unit : M/T

Size of Green Fish Farm compared to the industry average

Unit : M/T

Item Production Notes
Domestic eel production 13,500 1 
Number of farming companies (pieces) 400 1 
Average production 34 Domestic eel production and the number of the aquaculture companies
Production capacity of Green Fish Farm 900 based on 3 eels·1 kg

Aiming to become the largest aquaculture company in Korea

The first farm was completed in September 2017 and the second farm in May 2018, and the sales growth regularized from 2019.

Eel farming has successfully entered the stage of stabilization (less than 5% mortality)

Currently, Green Fish Farm is attempting to cultivate a variety of seafood including shrimp to expand other items besides eel.

The mid- to long-term business plan of Green Fish Farm

Stage 1[2016 - 2017] Stage 2[2018 - 2019] Stage 3[2020 1H] Stage 4[2020 2H ~]
Preparing for aquaculture facility Starting eel shopping and
regularizing sales growth		 Diversifying aquaculture items other than eels Expanding aquaculture facilities and
adding the processing lines
Stabilization of the initial production volume (224 tanks)
Achieved more than 10% of market share in the domestic eel farming market
Diversifications of products and business

Expansion of the business area beyond the aquaculture & sales business to the aquaculture system business

The circular filtration aquaculture system of Green Fish Farm demonstrates higher productivity compared to existing aquaculture technology.

From 2020, it is expected to export the circulation filtration aquaculture system starting in the Japanese market.

The sales growth is expected to accelerate due to the expansion of fishery items other than the system exports and the addition of processing lines.

Excellence of the circulation filtration aquaculture system

Aquaculture method Green Fish Farm The technology in other companies
Circulation Filtration aquaculture Exponential aquaculture Circulation aquaculture
Death rate 7% 15% 10%
Installation cost per tank 45 million KRW 25 million KRW 50 million KRW
Aquaculture period 12 ~ 15 months 22 ~ 25months 18 ~ 20months
Number of management tanks per person 16 10 12
Environmental control system O X X
Monitoring system O X X

Sales outlook due to the diversification of green fish farm business

Unit : Billion won