The most important Icelandic fishery by far is the groundfish fishery and the most important species are cod, haddock, redfish, Greenland halibut and saithe. In recent years, the average yield from groundfish fisheries has been just under 500 000 mt annually, representing 70-75% of total landed value. Pelagic fisheries (capelin, Icelandic and Atlanto- Scandian herring and more recently blue whiting), are by far the largest in terms of volume with almost 1.1 million mt. However, most of these pelagic catches serve as input into relatively low value reduction (fishmeal and fish oil) processes; catches of pelagic fish have been decreasing in recent years. Crustaceans and mollusks e.g. shrimp, Norway lobster, scallops and ocean quahog, account for a small volume of landings and have been decreasing considerably in recent years. The total first-hand value of Icelandic catches has been steady between 2003 and 2005 at around ISK 68 billion. In 2005, 1 449 active fishing vessels took part in the fishery.