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

People & Company News

London, Brazil Terminals Boost DP World Container Volumes

DP World , one of the world's biggest port operators, said on Thursday that its gross container volumes rose 10.7 percent from a year earlier in the first half of 2014.

Abu Dhabi Ports Shift Far More Breakbulk Cargo

Abu Dhabi Ports Company (ABPC) says that general cargo moving through Abu Dhabi’s commercial Ports has increased by 37% this year. ADPC’s commercial ports (Musaffah,

U.S. Naval Academy: New Superintendent

The U.S. Naval Academy (USNA) has held a change of command ceremony in Annapolis, Maryland, where Vice Adm. Walter E. "Ted" Carter Jr. relieved Vice Adm. Michael Miller,

Finance

Seadrill Bondholders: Majority Accept Conversion Offer

Seadrill Limited says that holders of approximately US$547 million of Seadrill's convertible bonds due 2017 (representing approx. 84.1% of the total outstanding

General Dynamics Reports 2Q 2014 Earnings

General Dynamics today reported 2014 second-quarter earnings from continuing operations of $646 million, or $1.88 per share on a diluted basis, compared to second-quarter

Trading Dutch Well Placed to Pursue Russia Sanctions

The seafaring Netherlands prides itself on being a trading nation, reluctant to let politics get in the way of a good deal. But since the downing, allegedly

Ferries

Korea Ferry Businessman's Body Located

Yoo had been target of South Korea's largest manhunt; Failure of police to catch Yoo had been burden for Park government. The body of South Korea's most wanted man,

South Korea Police: Body May Be Ferry Disaster Fugitive's

South Korean police are trying to confirm the identity of a body they believe may have been the fugitive head of the family that owned the operator of a ferry that capsized in April,

Canadian Ferries Welcome Govt. Funding

The Canadian Ferry Operators Association (CFOA) welcomed today’s announcement of $58 million over two years to support ferries in Eastern Canada. “We are happy

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.1036 sec (10 req/sec)