Deadly Algae Bloom Sends Chilean Salmon Farmer Stocks Tumbling

Chilean salmon-farmer shares plummeted Tuesday in Santiago trading after a deadly algae bloom killed some of their fish.

A recent bloom of a variety of red tide algae known as chattonella killed 2.3 million Atlantic salmon worth about $15 million at four of AquaChile’s 30 production centers, the company said Monday in a filing to Chile’s regulator. That represents about 9 percent of AquaChile’s salmon in its fisheries.

Empresas AquaChile SA, Chile’s largest locally-owned salmon exporter, slumped 12.5 percent to 210 pesos at 2:25 P.m. in Santiago, a record loss. Tuesday’s drop erased almost half of the stock’s year-to-date gain. Australis Seafoods SA retreated 10 percent and Cia. Pesquera Camanchaca SA fell 6 percent.

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