Kristjan Loftsson, chief executive of Icelandic whaling company Hvalurj, said there was "no problem" finding markets for whale meat in Japan, and added that there were "no restrictions on whale exports to Japan".

The newspaper said that there is a ban on trade of fin whale meat under the Convention on Trade in Endangered Species, although whaling nations have long argued that under the International Whaling Commission's rules, trade is allowed.

"We are back in business with about 100 tonnes of excellent eco-friendly whale meat and blubber ready for the market," Loftsson said. He added that his company had stopped whaling for the year because of poor weather and a lack of daylight.

The fin whale is the second largest species of whale after the blue whale. According to estimates agreed on by the International Whaling Commission (IWC), there are close to 70,000 minke whales in the central North Atlantic, of which around 43,600 are in Icelandic waters. Fin whales in the central North Atlantic number around 25,800.

Loftsson said he disagreed with the rationale used by the International Union for the Conservation of Nature which listed the fin whale as an endangered species.

"They say they have been caught so heavily in the southern hemisphere that world stocks are endangered. You can't do that because these are local populations," he argued.

"Our Marine Research Institute says it shouldn't have any effect on stocks if you took 150 fin whales a year."

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