BC Ferries Gets $68m for Sinking

Wednesday, June 21, 2006
BC Ferries reportedly received $67.9 million in insurance compensation for the sinking of the Queen of the North earlier this year, www.canada.com reported. The settlement was noted in the company's year-end financial details, in which net earnings increased $14.7 million, or 2.6 per cent, over last year to $49.9 million. The company said $6.6 million of the proceeds from the insurance settlement offset insurable losses, and the balance will be recognized in the first quarter of its 2007 fiscal year. The Queen of the North was traveling from Prince Rupert, B.C., to Port Hardy, B.C., when it rammed at full speed into Gil Island on March 22 and sank 400 m to the ocean's floor. (Source: www.canada.com)
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