B.C. Ferries Reports Q1 profit of $76.2m

Friday, August 18, 2006
British Columbia Ferry Services Inc. reported a first-quarter profit of $76.2m due to insurance proceeds of $67.9m in connection with the sinking of the Queen of the North ferry. The ferry operator said Thursday that excluding the one-time gain, it would have earned $14.9 million on revenue of $146.3 million. That compared to a profit of $14.4 million on revenue of $145.2 million a year ago. The company said the money from the insurance payment will be used to buy a replacement ship. The Queen of the North sank March 22 after striking Gil Island in Wright Sound in 430 metres of water. Two people remain missing and are presumed dead after the late-night incident in which 99 people were safely removed from the stricken vessel. Two lawsuits are pending as a result of the sinking. B.C. Ferries provides year-round ferry transportation services to the West Coast on 25 routes, with 34 vessels and 47 terminals. Source: 570 News

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

HCI Capital Renamed Ernst Russ AG

A vote was passed at the ordinary shareholders’ meeting of HCI Capital AG yesterday to change the company’s name to Ernst Russ AG. The Executive Board and Supervisory

CMA CGM to use Kingston As Transshipment Hub

French shipping giant CMA CGM plans to use Kingston Container Terminal,  Jamaica as a strategic Caribbean transshipment hub for an enlarged Panama Canal. The Port connects to US East Coast,

Conrad Shipyard Forms LNG Business Unit

Conrad Shipyard has formed a new business unit focused on LNG projects.   Conrad, builder of North America’s first LNG bunker barge scheduled for 2017 delivery,

Finance

VEB Guarantees $3 Bln of Yamal LNG Debt

Russian development bank VEB said on Friday it had provided a guarantee for $3 billion of debt to the Yamal liquefied natural gas (LNG) project, led by Russian gas firm Novatek.

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

World Stocks Tumble as Britain Votes for EU Exit

Global capital markets reeled on Friday after Britain voted to leave the European Union, with $2 trillion in value wiped from equity bourses worldwide, while money

 
 
Maritime Contracts Maritime Standards Naval Architecture Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1014 sec (10 req/sec)