The hake (Merluccius capensis and M. paradoxus) directed offshore demersal trawl is the most economically important fishing sector in South Africa, generating 30,000 jobs and comprising more than 50% of fisheries value. The industry changed to long term rights (LTRA), allocated in 2006 for a 15 year period. This study investigates the structure of the industry half-way between allocations.