Fisheries systems are widely considered to be ‘in crisis’ in both economic and ecological terms, a considerable concern given their global significance to food security, international trade and employment. The most common explanation for the crisis suggests that it is caused by weak and illiberal property regimes. It follows that correcting the crisis involves the creation of private property rights that will restore equilibrium between the profitable, productive function of fishing firms and fish stocks in order to maximize ‘rent’. In this approach, coastal states are seen as passive, weak, failed and/or corrupted observers and facilitators of the fisheries crisis, unless they institute private property relations. This paper offers an alternative analysis by using the perspective of historical materialism to re-examine longstanding debates over the problem of property and its relation to ground-rent in industrial fisheries. It identifies coastal states as modern landed property, enabling an exploration of the existence of and struggles over surplus value, and drawing attention to the role of the state and the significance of the environmental conditions of production in understanding political-ecological conditions in fisheries. As on land, property in the sea is a site of social struggle and will always remain so under capitalism, no matter which juridical interest holds the property rights.