As we see the situation, Hvalur has no other alternative than to wait and hope for better times, says the company's CEO Kristjan Loftsson.
The reason is falling product prices in Japan, which is the company's main market. The uncertainty and anxiety on the world markets also worsen the situation, emphasizes Loftsson.
It is the second year in a row that the whaling hunt is cancelled. Hvalur will make a new assessment of the situation before next year's season.
The Icelandic whaling season usually takes place from mid-June to September.
Iceland, Norway, and Japan are the only countries in the world that still allow commercial whaling. The hunt is condemned by many animal rights groups.
