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Catamaran Ferries International News

28 Jul 1999

Private Sector Enters International Fast Ferry Market

Gordon Wilson, minister responsible for BC Ferries, congratulated Vancouver Shipyards for joining with fast ferry designer Kvaerner Fjellstrand of Norway in an agreement under which the B.C. shipyard will market aluminum fast ferry designs internationally. "Vancouver Shipyards is the lead contractor on BC Ferries' fast ferry project, and I'm delighted to see that the company's confidence in the international market for high-speed aluminum ferries has grown to the point that it is prepared to take the next step toward a sustainable B.C. fast ferry industry," said Wilson. "I've said all along that the private sector has to get involved in a more direct way in this industry.

30 Mar 2000

BC Ferries Restructures Its Financials

As part of its financial restructuring package, Canadian-based BC Ferries will sell off its three PacifiCats ferries in order to remove its $1.1 billion debt. A decision was reached to write down the vessels by a total of $240 million. Catamaran Ferries International (CFI), a wholly-owned subsidiary of BC Ferries, will have its assets sold off later this year, proceeding the turning over of the third PacifiCat to its owner (BC Ferries). The company's board of directors suggested the sale of CFI's assets as the most cost-effective method of action.

25 May 2000

News

ConAgra Inc., the second largest U.S. food manufacturer, has agreed to sell American Commercial Lines LLC (ACL) its large U.S. inland barge fleet and operations. Financial terms of the deal, which ConAgra said was part of ongoing series of strategic divestments, were not announced. ACL will acquire 930 owned and chartered barges, nine chartered towboats and one dry dock, the companies said in a joint statement. The deal includes Peavey Barge Lines, Brown Water Towing Inc. and Superior Barge Lines, Inc. The transaction is subject to regulatory approval but is expected to be completed in the next 30 days, the companies said. Greg Heckman, president and CEO, ConAgra Trade Group, said, "Our decision to sell the barge company is a strategic one.

21 Jul 2000

PricewaterhouseCoopers To Advise BC Ferries

British Columbia Ferry Corp. (BC Ferries) has elected PricewaterhouseCoopers as its exclusive advisor and manager for the sale of the PacifiCat fast ferries. A Crown Corporation of the Provincial Government, BC Ferries’ subsidiary – Catamaran Ferries International (CFI) – was established in 1996 to construct the PacifiCats for BC Ferries. It was this past March that the Government proclaimed its intent to denounce CFI and sell the PacifiCats. The vessel trio, known as PacifiCat Explorer, PacifiCat Discovery and PacifiCat Voyager, are among the largest passenger/vehicle fast ferries internationally. Fully loaded, these 400 ft. (122 m) vessels can transport 1,000 passengers and 250 automobiles at a speed of 34 knots.

21 Jul 2000

PricewaterhouseCoopers To Advise BC Ferries

British Columbia Ferry Corp. (BC Ferries) has elected PricewaterhouseCoopers as its exclusive advisor and manager for the sale of the PacifiCat fast ferries. A Crown Corporation of the Provincial Government, BC Ferries' subsidiary - Catamaran Ferries International (CFI) - was established in 1996 to construct the PacifiCats for BC Ferries. It was this past March that the Government proclaimed its intent to denounce CFI and sell the PacifiCats. The vessel trio, known as PacifiCat Explorer, PacifiCat Discovery and PacifiCat Voyager, are among the largest passenger/vehicle fast ferries internationally. Fully loaded, these 400 ft. (122 m) vessels can transport 1,000 passengers and 250 automobiles at a speed of 34 knots.

27 Aug 1999

Canadian Shipbuilding Effort Hits Stormy Sea

The future of a government program to revive western Canadian shipbuilding remains clouded after investigators released a damning report about cost overruns and bureaucratic bungling. The directors of the B.C. Ferries Corp. resigned after auditors alleged the cost of designing and building a new type of high-speed catamaran ferry had risen from the originally planned $137.9 million to approximately $288.9 million. The report was the latest bad news to buffet the Pacificat fast ferry project, which was launched in 1994 in hopes of developing and building a lightweight passenger ship in British Columbia that could be marketed internationally.

07 Sep 1999

West Coast Ferry Industry at All-Time High

In terms of new deliveries, the West Coast ferry industry will probably not see another period to match the past 18 months for some time. All three of the large government-operated ferry systems in the Pacific Northwest - Washington State, BC Ferries and the Alaska Marine Highway System - received new tonnage, as did a number of smaller operators along the coast. Still under construction are two high-speed vehicle-carrying catamarans for BC Ferries and a single passenger-only high-speed cat for Washington State. In addition, the Nichols Bros. yard at Freeland, Wash. is completing a 40-knot catamaran for operation between southern California and Catalina Island, and a second 35-knot cat for deployment in Alaska by the Brad Phillips organization.

07 Sep 1999

Weight Saving Features for Maritime Dynamics Ride Control System

With faster speeds and lighter hulls, ship builders and owners require lightweight equipment. Maritime Dynamics will be incorporating weigh saving features into its ride control system to address this challenge. The first measure has been to design the ride control hydraulics system to operate other onboard equipment. Maritime Dynamics offers hydraulic packs, which, in addition to the ride control system, operate the propulsion waterjet steering, and reversing system. During docking maneuvers, the power packs can operate car ramps, capstans and anchor winches. This summer, Maritime Dynamics will install its first commercial computer-based ride control system with an embedded Microsoft Windows operating system.

14 Mar 2000

Refinancing Of BC Ferries Announced

A financial restructuring package for the British Columbia Ferry Corporation and a plan to sell the three PacifiCats has been announced, company officials said. The refinancing package includes: the removal of BC Ferries' debt of $1.1 billion; a permanent, annual subsidy of 1.25 cents per liter from the motor-fuel tax; a decision to write down the PacifiCats by a total of $240 million and to offer the three fast ferries for sale; and plans for the wind-up of Catamaran Ferries International, BC Ferries' wholly owned subsidiary. The plan is the best solution to provide for economic stability for coastal communities, officials said. The government will introduce legislation this session that will pave the way for the debt removal and the financial restructuring of the corporation.