When a Canadian Shipyard Loan Becomes a Grant ...

CBC News
Sunday, March 17, 2013

The province's $260-million loan to Irving Shipbuilding will be 'forgivable' if the shipyard & its direct sub-contractors create 4,000 jobs in Nova Scotia,

The government's assistance package, revealed in March 2012, includes the forgivable loan worth up to $260 million (but Irving will have to repay it if it doesn't reach those job targets) and a repayable loan of $44 million for human resources, technological, and industrial development, reports CBC News.

The Department of Economic Development said the 4,000 jobs will be created over the 29-year life of the agreement, while the NDP government defends the arrangement on the basis the shipbuilding work will generate $2.8 billion in tax revenue for the province.

In 2012, a Conference Board of Canada study found that Nova Scotia could benefit from an average of 8,400 indirect jobs between 2012 and 2030, peaking at 11,500 jobs during the program’s busiest years.

Source: CBC News

 

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

World’s Largest Boxship is DNV GL classed

CSCL Globe, the world’s largest containership and the first of a series of five 19,100 TEU containerships ordered by China Shipping Container Lines (CSCL) in 2013,

ESSA's Fleet Upgradation Environmental Driven

State-controlled Exportadora de Sal SA de CV of Mexico ("ESSA"), one of the world’s largest salt exporters with a 10-million-ton annual production, has strengthened

Kleven Wins New Yacht Contract

Norwegian ship builder Kleven has secured a new contract for a high specification, 116-metre long Expedition Support Vessel. The order is placed by Mr Graeme Hart,

Finance

Asia VLCC Rates Could Could Climb Even More

Owners see rates climb by nearly $22,000 per day; Rates could peak as more tonnage comes free. Rates for very large crude carriers (VLCCs) on key Asian routes

New Players in Singapore Markets in OW's Absence

The downfall of a leading marine fuel supplier that prompted sellers to tighten credit terms in Singapore is skewing the post-OW Bunker jostle for market share

Asian Airlines Pause Before Hedging on Fuel

Oil fell to four-year low of $72 on Thursday; Airlines hope the price will slip below $70 a barrel. Airlines in Asia-Pacific are holding off from hedging their

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0867 sec (12 req/sec)