This report reviews the balance of costs and benefits of distant water fleets (DWFs) for coastal nations. It is based on selected case studies representative of a wide range of conditions: off Mauritania and Senegal, Northwestern Africa; off Namibia; off Iceland; in the North Atlantic waters between Iceland and Norway; around the Galapagos Islands and in the North Pacific 'Donut Hole' between Russia and Alaska. The analyses are based on catch and landings data of the Food and Agriculture Organization of the United Nations (FAO), complemented with national and other data where available. Two detailed evaluations were made. First, for Namibian fisheries, mass-balance simulations (ECOPATH and ECOSIM) of the upwelling ecosystem from which the catches originate, serve as the basis for comparing economic scenarios with and without DWFs. The results show that activities of DWFs can halve the potential earnings of home fisheries. Secondly, a rapid appraisal technique (RAPFISH) provides an ordination of relative status of West African DWFs and home fleets in ecological, economic, social and technological areas. In relation to similar fisheries that focus on small pelagics, the DWFs can reduce sustainability by 20%, The overall conclusion of these analyses is that extended fisheries jurisdiction, which has radically altered the relationship between coastal states and DWFs, provides a framework within which both coastal nations and DWFs can work jointly to define the nature of their relationships. This can avoid the negative impacts of unregulated DWFs on coastal resources, documented in this report. For fishing grounds outside of EEZs, formal agreements, involving all potential players, are required to prevent the resources from being rapidly depleted.