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Structured Financing Facility News

21 Apr 2013

New Port of Montreal Tugboat Christened

'Ocean Pierre Julien': Photo credit Ocean

Océan Remorquage Montréal Inc. tugboat 'Ocean Pierre Julien' christened at the Ocean Industries shipyard, Isle-aux-Coudres. The construction of this tug cost $ 10.6 million, and the vessel is the 3rd of the Intrépide series to be built at Ocean Industries. The traditional christening ceremony was held in the presence of the President and First Vice- President and General Manager of Ocean, Messrs. Gordon Bain and Jacques Tanguay, of Ms. Sylvie Vachon, President and CEO of the Montreal Port Authority, of Mr.

07 Jun 2007

Ottawa Renewing Subsidy for Purchasers of Canadian-Built Ships

The federal government is keeping afloat a subsidy program for buyers of Canadian-built ships, reported the CP. Foreign Affairs Minister Peter MacKay and Industry Minister Maxime Bernier said Thursday that Ottawa will renew and add $50m over three years to the Structured Financing Facility, which reduces the interest cost of loans used to buy Canadian-built ships. Thursday's statement noted that the government is also proceeding with more than $3 billion in ship procurement, including the $2.9-billion Joint Support Ship program and $324 million for six new Coast Guard vessels.

16 Jun 2003

East Isle Shipyard Secures $21 Million Contract

East Isle Shipyard, Prince Edward Island's largest shipbuilder, has secured a $21 million contract to construct two new tug boats for customers in the Dominican Republic as well as a third tug for Atlantic Towing, Limited. The new contract means employment for 120 shipyard workers. The shipyard had been idle since September of 2002 when a fourth tug for the Panama Canal Authority was completed. "This contract for three tugs demonstrates confidence in the skill of our Island shipyard workers. The Government of Canada’s contribution reflects its commitment to supporting a skilled and innovative workforce and helping to stimulate investment in the shipbuilding industry…