Abstract: There is described a method and apparatus for holding and cultivating aquatic crustaceans and like shellfish. The apparatus comprises a well for holding water, a plurality of buoyant trays each sub-divided into a plurality of compartments sized to house a crustacean and having a perforated bottom, the trays being adapted for submersion within the well to form a column of trays whereby the weight of one tray maintains the trays beneath it in a submerged condition. The apparatus further includes an airlift to simultaneously lift water from the vicinity of the bottom of the well for recirculation to the top of the well and to aerate the water as it is being lifted. There is further included an outlet to introduce a supply of fresh extraneous water to the top of the well and to drain water from the bottom of the well in amounts corresponding substantially to that added to the top of the well.