I jumped up and down today upon receiving this news - had to push it on Twitter right away….:-)

Sept. 25 (Bloomberg) — The Pacific nation of Palau is creating the first shark sanctuary, banning commercial fishing of all sharks in its waters from vessels that hunt the predators for their fins, coveted in soups as an Asian delicacy.

Johnson Toribiong, president of the island republic, announced the commercial shark-fishing ban today at the United Nations General Assembly, saying “the strength and beauty of sharks are a natural barometer for the health of our oceans.”

Shark populations are in danger of collapse along with salmon and tuna commercial fisheries because of scant protective measures. Great whites, hammerheads and a third of deep-sea sharks and rays face extinction as fishing fleets trawling worldwide seek them for meat and fins, according to the Gland, Switzerland-based IUCN conservation group.

“The situation for sharks at the moment is catastrophic,” said Carl-Gustaf Lundin, head of marine conservation at the International Union for the Conservation of Nature. “Their populations around the world are at risk of collapse.”

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To contact the reporter on this story: Jeremy van Loon in Berlin at jvanloon@bloomberg.net