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This paper argues that three interrelated environmental factors explain why a multinational, seasonal, cyclical fishery came to dominate the Newfoundland region in the first decades of the sixteenth century rather than a series of more permanent colonies. First, imperial strategists failed to adapt their colonial experiences from the south Atlantic islands, such as Madeira, the Azores, and Hispaniola. Second, the climate and geography of the region made settlement difficult. Third, the nature of fisheries work and the watery geographies on which it was conducted thwarted efforts to establish imperial boundaries. Drawing on Spanish, French, Basque, and English colonial merchant records alongside numerous maps, this paper shows how contested borders, a multinational work environment, and a failure to capitalize on colonial knowledge shaped the contours of environmental exploitation during the Age of Discovery.