For a long time, Seattle-based Trident Seafoods Corp. and its founder, Chuck Bundrant, competed as the American counterweight to Japanese giants in the Alaska salmon processing sector.

Over the years, the processing landscape has changed drastically. The Japanese, including Maruha Nichiro and Marubeni, have exited the Alaska salmon business while other players – including homegrown Silver Bay Seafoods and Canadian company Canfisco, have grown rapidly.

Today, major changes continue to reshape the industry, sometimes in startling ways. Peter Pan, a legacy processor previously owned by Maruha Nichiro, is beset with financial claims and appears to be sinking. Other companies are cutting back their salmon operations due in part to challenging salmon market conditions.

Trident itself has made the biggest waves, announcing at the end of last year it would seek buyers for several of its Alaska shoreside processing plants.

The biggest, at Kodiak, remains unsold. But Trident – perhaps to the relief of the fishing industry – has sealed deals to sell its Ketchikan plant to Silver Bay and its Petersburg plant E.C. Phillips & Son.

Trident is heavily involved not only with salmon but also groundfish and crab in Alaska. The company’s footprint extends well beyond the 49th state, with operations across the Lower 48, in China, Japan, and in Europe.

Trident CEO Joe Bundrant agreed to answer a few of our questions about the salmon situation and the company’s plans for the new salmon season in Alaska.

Joe Bundrant is the son of Chuck Bundrant, a legendary figure in the North Pacific fishing industry who died in 2021.

The younger Bundrant was named company CEO in 2013. Here’s our conversation with the Trident skipper.

Q: What are the major issues confronting the Alaska salmon industry this season?

A: The major issues include restoring lost value to fishermen and processors, absorbing the inflation of the last five years into a profitable model, and continuing to invest in the future.

Q: Are processors, as well as fishermen, facing a credit crunch?

A: High interest rates are challenging for everyone right now. The seafood sector is no different, and that holds true for everyone throughout the seafood supply chain.

Q: What is the environment for ex-vessel prices heading into this season? Should fishermen temper their expectations?

A: At Trident, we don't publicly discuss our agreements with fishermen, employees, customers, suppliers or communities. We will communicate directly with our fishermen regarding pricing for the season.

Q: Your Kodiak plant is for sale. If it doesn’t sell soon, is Trident still planning to operate the plant this salmon season?

A: We announced on March 8 that Trident will provide a market for salmon season in Kodiak. Refer to the Trident website article.

Q: Beyond the recent sales of your Ketchikan and Petersburg plants, is Trident modifying its salmon operations in other ways this year? What are you telling fishermen?

A: Part of our restructuring, announced late last year, is to ensure we can continue to invest and make the improvements we think are critical for the coming years. Trident remains deeply committed to Alaska. The sale of the Petersburg and Ketchikan plants marks a positive step in our modernization journey, allowing Trident to focus investments in our other Alaska-based operations. We’ve had fleet meetings for each region outlining our strategy and commitment to each community.

Q: Some have speculated that Trident is exiting the Alaska salmon business. Anything to that?

A: I have no idea how these rumors get started! Nothing could be further from the truth. Salmon is part of Trident’s core, and we are being very deliberate about how we reshape the business to focus our efforts and build markets that will serve fishermen, communities and processors alike.

Q: Looking outward, do you see reason for optimism in the Alaska salmon industry?

A: We hope that the current challenges have shaken off the rust and gotten the whole industry thinking more strategically about the future. We have got to evolve quickly to ensure that Alaska seafood remains an important economic contributor for Alaska, today and in future generations.