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We're at COP28 to Save the Whale, Save the World.

We’re at COP28 to save the whale, save the world

Ed Goodall Ed is WDC's head of intergovernmental engagement. He meets with world leaders to...
Gray whales from drone.

We’re taking steps to uncover the mysteries of whales

Vicki James Vicki is WDC's protected areas coordinator, she helps to create safe ocean spaces...
We must protect our non-human allies. Image: Tom Brakefield, aurore murguet, johan63

We’re urging governments to protect all of our climate heroes – CITES

Katie Hunter Katie supports WDC's engagement in intergovernmental conversations and is working to end captivity...
The Natütama Foundation are dedicated to protecting endangered river dolphins. Image: Natutama

Guardians of the Amazon: protecting the endangered river dolphins

Ali Wood Ali is WDC's education projects coordinator. She is the editor of Splash! and KIDZONE,...
Amazon river dolphins. Image: Fernando Trujillo/Fundacion Omacha

Amazon tragedy as endangered river dolphins die in hot water

Ali Wood Ali is WDC's education projects coordinator. She is the editor of Splash! and KIDZONE,...
Indo-Pacific bottlenose dolphin © Mike Bossley/WDC

WDC in Japan – Part 3: Restoring freedom to dolphins in South Korea

Katrin Matthes Katrin is WDC's communications and campaigns officer for policy & communication in Germany...
Wintery scene in Iceland

Seeking sanctuary – Iceland’s complex relationship with whales

Hayley Flanagan Hayley is WDC's engagement officer, specialising in creating brilliant content for our website...
Whaling ship Hvalur 8 arrives at the whaling station with two fin whales

A summer of hope and heartbreak for whales in Icelandic waters

Luke McMillan Luke is WDC's Head of hunting and captivity. Now that the 2023 whaling season...

HB Grandi share profits bankroll Icelandic fin whaling

Multi-millionaire fin whaler, Kristjan Loftsson, just got richer. According to a recently-published annual report for the year to September 2013, his fin whaling company, Hvalur Ltd., made a good profit last year, with almost a billion ISK (986 million ISK, around £5.1 million) paid out in dividends to shareholders.

However, despite killing a record 137 endangered fin whales this year (Loftsson is the man in the blue jumper admiring another dead fin whale being hauled up the slipway), and 134 in 2013, this bounty doesn’t come from whaling. In fact, Loftsson’s whaling is a lame duck, as unprofitable as it is cruel and unnecessary, continuing only thanks to subsidy from other assets in the Hvalur portfolio.

As it happens, and fortunately for Loftsson’s bank balance, Hvalur is one of the largest investment companies in Iceland. By far its largest single asset is Hvalur’s share in seafood giant, HB Grandi, via holding company, Vogun; and just to further cement the bond, Kristjan Loftsson is also HB Grandi Chair. Hvalur also holds shares in other successful Icelandic companies, Hampidjan, which makes fishing gear, and IT firm, Nyherji, again via Vogun (see our recent joint report, Slayed in Iceland, for more details). 

Year after year, most of Hvalur’s income has come from share profits from HB Grandi and Hampidjan in particular and Hvalur’s 110 shareholders will certainly have celebrated, not least Kristjan Loftsson and his sister, Birna Loftsdottir, who between them own the lion’s share.

However, things are not as rosy for Loftsson as they might appear. His ‘hobby whaling’ is almost wholly dependent on being bankrolled by profits from his other business interests and a warning was sounded in August 2014, when half-yearly figures for HB Grandi revealed that profits had fallen 34.5% compared to the same period in 2013.

HB Grandi exports its seafood to the UK and other markets across the world and we are working with other NGOs to publicise the company’s strong links with fin whaling as part of our campaign to end commercial whaling in Iceland.

The bottom line is this: HB Grandi profits allow Loftsson to carry on whaling. Check out our 2014 audit of major retailers to be sure that your favourite supermarket or seafood brand is not supporting one man’s deadly ‘hobby’.