Icelandic Cod: The Fresh Premium Narrowed From 35% to 6%

In August 2026, the average export value for fresh Icelandic cod was $13.26/kg. Frozen averaged $12.46/kg. Fresh was 6.4% more expensive.

In October 2024, fresh averaged $10.81/kg and frozen $8.01/kg. Fresh was 35.0% more expensive.

Fresh Icelandic cod still carries a premium over frozen. It is simply much smaller than it was.

The move

Across the twenty-three months from October 2024 to August 2026, fresh export values rose 22.7% in USD. Frozen rose 55.6%. Frozen closed the gap; fresh also moved higher.

The compression isn't a one-month blip. The fresh-over-frozen gap was below 10% in five of the last twelve months. In one month, frozen priced above fresh. In August 2025, the gap was 15.3%. In August 2026, it was 6.4%.

Same month, two years in a row: less than half the premium.

What this means

A narrower fresh premium changes the commercial picture. For producers, the export-price advantage attached to fresh has narrowed. For buyers, average export values for fresh and frozen cod have moved much closer.

Both remain well above October 2024 levels. Preliminary Q3 landings were 38,980 tonnes, down just 3.5% year on year. Domestic landings were only modestly lower, while the stronger price move was in frozen exports.

These are aggregate export values; product form, quality, destination and sales mix can affect the comparison.

The question

Is this a short-term compression, or is this the Icelandic cod market producers and buyers now need to plan around?

That shift, week by week and product by product, is what Oceans of Data subscribers follow.

— Anna Björk, Oceans of Data

Numbers from Oceans of Data analysis of Icelandic cod export and landings data.