The chief executive of Nova Scotia-based High Liner Foods says higher prices are expected for shrimp over the next six to 12 months due to the massive oil spill in the Gulf.

Henry Demone of High Liner Foods Inc. said during a conference call yesterday there’s been an international shortage of fresh shrimp supply since the catastrophe.

“Buyers are out on the market trying to replace that supply and that’s led to higher shrimp prices,”

Demone said farmed shrimp worldwide is replacing the reduced supply of fresh shrimp from the Gulf, and that has tightened overall supply.

He predicted over time aquaculture operations would increase production and prices would stabilize.

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