Fishing vessel replacement regulations in the Newfoundland fishery: Implications for the future

Since the collapse of the Northern Cod stock and the moratorium on July 2nd, 1992, considerable changes have taken place which have substantially altered the face of the traditional Newfoundland fishing industry. A diversification into other species, particularly shellfish, has resulted in lucrative returns to the fishing industry.;This study poses two questions. First, are the administrative regulations of the past governing the maximum vessel length, appropriate in today's fishery? Second, while the economic return in recent times have exceeded that of the pre-moratorium fishery, can the Newfoundland fishing industry, with its existing fleet structure, be said to have reached its maximum economic potential?;This study argues that the conditions under which the maximum length regulations were established, no longer prevail. The regulations appear outdated and may well prevent the rationalization of the structure of the fishing fleet necessary for the fishery to reach its economic potential.;The main conclusion is that with clearly defined management principles in place and an evolving movement towards output controls, the maximum length restriction as an input control belongs in the past. (Abstract shortened by UMI.).