To use one word: Finning. Sharks, traditionally considered unwanted by-catch, are now targeted species particularly for their fins. “Finning” is the process of removing the shark’s fins from the living animal and wastefully disposing of the carcass at sea. Shark fins can bring in hundreds of dollars per pound in the end market in Asia. Finning takes place because fins are extremely valuable in fact they are one of the most expensive seafood products. Additionally, throwing the shark overboard after cutting off its fins makes room on the boat for more fins. The fins represent about 2% of the whole shark’s weight; they are easily flattened and storable without refrigeration. One boat caught illegally finning in U.S. waters had fins from an estimated 20,000 sharks aboard, but not a single one of those 20,000 sharks.
The IUCN Shark Specialist Group compiled the following information:
Trade and landings data indicate that finning activity is widespread, largely unmanaged and unmonitored. Because of the biological characteristics of sharks, it also leads to unsustainable levels of mortality.
Finning and discarding of shark bodies is wasteful of protein and other potential products derived from sharks (it utilises only 2-5% of the shark, throwing the remainder away). This wastage prevents socio-economic benefits from accruing when other shark products are processed on shore and is a threat to food security (the latter particularly when undertaken by distant water fleets in the waters of developing countries).
Finning causes the death of tens of millions of sharks. This potentially threatens the survival of rare and vulnerable species and, by removing large numbers of top predators from the oceanic ecosystem, may have dramatic and undesirable ecological impacts that could potentially threaten yields of other commercial species.
Finning impedes the collection of the species-specific scientific data that are essential for monitoring catches and landings and implementing sustainable shark fisheries management (as required under international agreements and statutes).
Hong Kong handles at least 50% and perhaps as much as 80% of the world trade in shark fin. The Hong Kong Government Census and Statistics Department maintains detailed records of unprocessed and processed shark fin imports (recorded as weight and value of frozen/salted and dried fin) by country of origin and country of consignment. These records show that in recent years imports of unprocessed shark fins from Europe, Taiwan, Indonesia, Singapore, United Arab Emirates, USA, Yemen, India, Japan, and Mexico have dominated the Hong Kong market.
Hong Kong trade data indicate that imports of fins rose significantly at the end of the 1980s, from 2739 metric tons (mt) in 1980 to over 3000 mt in 1987 and 4000 mt in 1992. Imports are currently continuing to grow at 6% per annum. Before this time, most sharks caught incidentally in long line fisheries (probably the largest source of fins) were an unwanted by-catch. Fishermen tried to minimize incidental hooking rates and sharks were generally released alive (over 80% of sharks taken in pelagic hook and line fisheries around Hawaii were alive when brought on board for finning). The increased demand for shark fins combined with depletion of stocks of traditional target species (e.g. tuna and swordfish) transformed sharks from a largely unwanted by-catch into a valuable target species within ten years.
