Clean Seas partners with Beston Global Food Company to tap Asian markets

Clean Seas Tuna Limited has partnered with Beston Global Food Company for the distribution of fresh and frozen kingfish in the markets of Hong Kong, China and South Korea.

The contract will begin from June 2016 and end in December next year and envisages shipment of around 340t of frozen products over the next 18 months.

It initially covers shipment of approximately 176t of frozen products, reported Proactiveinvestors.com.au.

Clean Seas Tuna will focus on the growing demand for yellowtail kingfish.

This deal will enable Clean Seas to position kingfish as a premium sea product in the markets of China and South Korea.

In fiscal 2016, the company sold 2,012t of frozen products, which is a surge of 83% compared to 1,098 tonnes in last fiscal year.

The company was quoted by Fool.com.au as saying: "Clean Seas and Beston will be working together to develop these markets, leveraging Beston’s networks and relationships in the region and Clean Seas’ outstanding Kingfish."

Clean Seas Tuna holds $1.4m of cash, while $2.7m out of the $7m working capital lies unused as of 31 March 2016.