ABSTRACT Our Atlantic Ultra-Low-Temperature Tuna Fishing fleets were under attack from Japan during the 2004 ICCAT (International Commission for the Conservation of Atlantic Tunas) Annual Meeting. Japan openly called for tough penalty for our fleet such as significantly cutting our fishing quotas in the Atlantic and revoking our national membership in the ICCAT for over-fishing, violating International Conservation Regulations and washing fish right on the ocean. This resulted in catastrophic damage in our Ultra-Low-Temperature fishing operation in the pacific and undue pressure from our international competitors. Under the strict monitoring of international conservation groups, our government was forced reform its regulations of the fishing industry and focus on the long-neglected area of offshore fishing. To express its sincerity in active management of the industry, the government offered a series of matching measures. The first of these measures was the reduction of the number of ships to achieve cutback in fishing capacity. The three-year plan spanning from 2005 to 2007 involved a joint venture by the government and the offshore industry with joint contribution of 12.5 million US dollars to disassemble 183 large Tuna Long line Fishing Vessels in the three oceans. Fishing vessels in the Atlantic were reduced from 100 to 76. The next measures were to improve the monitoring of the fishing industry and to end any and all illegal, unreported and unregulated fishing. How will our offshore fishing industry recover after a series of attack? How will our industry thrive in the austere environment of conservatism? Do we still possess any competitive advantage after the vessel-reduction measure? This thesis will cover the analysis of the competitive advantage of the Offshore Ultra-Low-Temperature Fishing Industry after the vessel-reduction, the analysis of the supply-and-demand of the Ultra-Low-Temperature market and SWOT analysis. It will also discuss in depth the post-reform fishing industry management strategy for reference.