Property rights over fish in the open ocean exist once the fish are caught.

Property rights over fish in the open ocean are established once they are caught, commonly referred to as "first possession" rights. This means that once a fisherman catches a fish, that fish becomes their property and they have the right to sell, trade, or otherwise use and dispose of it as they see fit. However, there are still regulations and laws governing fishing activities in the open ocean to protect against overfishing and safeguard the health of marine ecosystems.