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 February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

First LNG-powered EcoLiner Launched

Europe’s greenest inland vessel debuts Damen group innovations   Damen Shipyards Group launched the first LNG-powered Damen EcoLiner inland shipping tanker

Zamakona to Deliver Tuna Freezer Vessel

Zamakona Yards to deliver tuna freezer vessel Jai Alai to the Echebastar Group   This Saturday, March 7, Zamakona Shipyards in Santurce will deliver its construction number 737,

CTruk OWSV Enhanced with Volvo IPS

Since the launch of its first-of-class CTruk MPC22 late last year, the East Anglia-based workboat designer and builder informs it has incorporated performance feedback

Finance

Global LNG-Asia Prices Creep Higher on Japanese Demand

Asian spot liquefied natural gas prices edged higher as scattered demand from Japanese buyers and others helped stem the recent decline in prices, traders said on Friday.

Drop in Cocoa Bean Size Worries Ivorian Exporters

Dry weather in top cocoa grower Ivory Coast has caused a sharp drop in bean size and will delay the start of the April-to-September mid-crop by nearly two months,

Wärtsilä, CME Offer ‘Scrubber Finance’

Funding concept promotes installation of scrubber systems by offering financing to shipowners, with returns taken from fuel price spread   In a move intended

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Sonar 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: 0.1527 sec (7 req/sec)