The arrangement involves both the Greenland and Canadian governments along with the territorial government of Nunavut in Canada.

Jim Prentice, Canada’s Federal Environment Minister travelled to Kangerlussuaq in Western Greenland on the 29th of October to meet with his counterparts as they reached a common agreement on polar bear management, according to Siku News.

The tripartite accord has been in the planning for several months and will encompass the Canadian Arctic along with hunting regions shared by Greenland and the Nunavut federal territory, notably Baffin Bay and the Kane basin.

The practice of hunting polar bears has been the cause of considerable international controversy for many years, with environmental experts claiming that the population is not sustainable under current levels. In recent years activists in the USA have been at the forefront of moves to classify the polar bear as an endangered species at risk due to climate change. It is currently classified as vulnerable.

Sixty eight bears are hunted under quota by Greenland in Baffin Bay each year and there is substantial pressure on Nunavut authorities to adopt similar limits. Presently the quota for Nunavut hunters in Baffin Bay is 108 polar bears although the territory has proposed reducing the number to 64 or the possible introduction of a complete moratorium in the area.

However, Inuit hunters have claimed the Baffin Bay polar bear population is in fact not going down but increasing. The Inuit say their information is more reliable than scientific studies given their close contact with the animals.

The total population is around 25,000 in global Polar Regions. Of the 13 polar bear subpopulations in Canada, those in the Kane Basin and Baffin Bay are shared between Nunavut and Greenland.

Due to the highly unusual world market conditions, the exchange has been closed since Thursday and was due to open again today.

The latest information is that stock trading in Iceland will recommence tomorrow, RUV.is reports.

According to Iceland Review, the whale count in 2001 was conducted by aircraft and counted 43,600 minke whales in the water around Iceland.

Last year, the same process resulted in just 10,000 to 15,000 minke whales being counted, which, if true, could be a decline of 24 per cent in stock.

Gísli Víkingsson was one of the authors of the report and mentioned that the matter of stock numbers had already been submitted for discussion by the Science Committee North Atlantic Marine Mammal Commission. Víkingsson believes it is possible the drop in numbers could be the result of a migration of minke whales in search of food.

In addition, Víkingsson pointed to significant changes in the marine environment around Faxaflói bay, the area where the most recent count took place.

The minke whale’s primary source of food is sand launce and capelin. The number of these species has been declining, which is also reflected in the decreasing number of other animals who are a part of the same food chain.

Vikingsson does not believe that the decline in numbers is the result of the government’s decision to allow whale hunting to resume in Iceland.

While hunting may not have resulted in such drastically reduced whale stocks, the data seems to contradict arguments made by those in favour of whale hunting. The Icelandic Fishing Vessels Owners ( LÍÚ), for example, have argued that hunting helps keep the ecosystem in balance.