BC Ferries Financial Losses: Consultation Report Released

Press Release
Wednesday, March 06, 2013

Kirk & Co. were engaged to assess public & stakeholders opinions regarding measures to ameliorate BC Ferries financial operating losses.

BC Ferries operates one of the largest integrated marine transportation networks in the world. Despite being comparable in efficiency with the world’s best services, rising costs and declining ridership have created a financial challenge for the corporation. BC Ferries lost more than $16 million in the fiscal year ending March 31, 2012.

The independent BC Ferry Commissioner noted in his January 2012 report that, without changes, increasing costs and the ongoing need to replace aging vessels could drive funding shortfalls to $56 million a year within the next five years. These shortfalls would have to be recovered through one or more of the following mechanisms: operating efficiencies, additional fare increases, service adjustments (mostly reductions), increased contributions from taxpayers or other forms of contributions from coastal communities.

Consequently Kirk initiated a 'Public and Stakeholder Consultation and Engagement', held from October 29 to December 21, 2012, designed to consult and engage the public and stakeholders about the depth and nature of the challenges facing the coastal ferry system and invited feedback and input on two areas under consideration:
1. Immediate Challenge: The first part of the consultation and engagement sought feedback on the considerations to achieve $26 million in savings to 2016.
2. Long-Term Vision: The second part of the consultation and engagement invited feedback on what strategies should be pursued to achieve the long-term vision of connecting coastal communities in an affordable, efficient and sustainable manner.

The full results of that consultation are available here.

 

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

People & Company News

ABS CEO Lays Out Vision for Technical Leadership at CMA Shipping

During the recent CMA Shipping 2015 conference in Stamford, Connecticut, ABS Chairman and CEO Christopher J. Wiernicki provided the conference's keynote address

Oceanex Named One of Canada’s Best Managed Companies

Oceanex Inc. was named one of Canada’s Best Managed Companies Gold Standard Members in 2014. This national award is sponsored by Deloitte, CIBC, National Post,

Navy Awards Austal $691M for Two Littoral Combat Ships

The U.S. Navy has ordered two new littoral combat ships from Austal, the shipbuilder said in a press release today. The two orders, worth $691 million, are part

Finance

BMT Partners with Aage Hempel

BMT SMART (BMT),  has announced  that Aage Hempel has become an accredited service partner.  This agreement will provide both organizations with the opportunity

Tanker Backlog Builds at Basra

Ships face up to a three week wait; bad weather in February delayed loading, created backlog. * April intake to be reduced to clear backlog By Keith Wallis SINGAPORE,

U.S. Port Delay Boost February Air Freight

Global air freight volumes rose 11.7 percent year-on-year in February, driven by the Chinese New Year, the International Air Transport Association said on Wednesday.

Ferries

S.Korea to Pay $380,000 to Ferry Victims Families

The South Korean government said on Wednesday it would pay about 420 million won ($380,000) as compensation for each of the 250 students who died or remain missing from last year's ferry disaster,

All American Marine Delivers Ferry to Seattle

All American Marine, Inc. (AAM) today announced the delivery of a new passenger ferry that will serve the city of Seattle.    The vessel, MV Sally Fox, was dedicated

Methanol Powered Ferry Launched in Baltic Sea

Swedish ferry operator Stena Line has announced that it has converted the Stena Germanica to run on methanol, an industry first.   The company spent $24 million on converting the ship to methanol.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair
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: 0.1537 sec (7 req/sec)