00:01Iceland's largest whaling company Kvalur HF says they will not be hunting this season.
00:06It's the second consecutive year the company does not partake in the practice.
00:11Whaling is the practice of hunting and killing of whales to extract their meat for commercial purposes.
00:17Last year, the company was forced to abandon its hunt in the summer
00:20as their permits were issued just a day before the start of the season.
00:24This year, CEO Christian Lofzahn says the company will abandon its hunt due to global economic conditions and declining demand.
00:33Kvalur sells most of its products to Japan, which has been battling an economic and cost-of-living crisis.
00:40Whaling is currently only permitted in three countries, Iceland, Norway, and Japan.
00:45The controversial practice has been one of the forefront issues for animal rights groups in recent years.
00:51The whaling season in Iceland begins in mid-June and runs through to September.
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