• 2019 June 24 12:20

    BC Ferries releases year-end results

    BC Ferries released its year-end results today with consolidated net earnings of $52.2 million for fiscal 2019, compared to consolidated net earnings of $59.9 million for fiscal 2018. This year, BC Ferries experienced the highest vehicle traffic levels ever and passenger traffic levels were the second highest in the company’s history.

    “High traffic volumes allow good financial results which enable us to expand our service to communities, renew the fleet, upgrade terminals, pay down debt and reduce future borrowing,” said Mark Collins, BC Ferries’ President and CEO. “These are essential for a sustainable and environmentally-friendly ferry system. Our $3.9 billion 12-year capital plan addresses the need for a more resilient ferry service and emphasizes capacity, operational efficiency, affordability and flexibility.”

    BC Ferries invested $241.1 million in capital expenditures in the 12 months ended March 31, 2019 comprised of: $133.5 million in vessel upgrades and modifications, $49.0 million in new vessels, $28.2 million in information technology, $19.5 million in terminal building upgrades and $10.9 million in terminal marine structures.

    Clean, sustainable and quiet operations are top priorities for BC Ferries. The company now has five vessels operating on liquefied natural gas (LNG). While still a fossil fuel, it is a cleaner and less expensive fuel source than the ultra-low sulphur diesel used for the other vessels. The cable ferry, which operates between Buckley Bay on Vancouver Island and Denman Island, has smaller power requirements than a traditional ferry, leading to a reduction in greenhouse gas emissions of approximately 50 per cent.

    BC Ferries is investing in clean, modern ferry technology. The company currently has two Island Class electric battery hybrid ships under construction for service to coastal communities on Northern Vancouver Island. When electric technology matures and electricity is available in the quantities required, BC Ferries plans to operate them as fully electric ferries. Batteries for these two new vessels are supplied by Corvus Energy, a B.C. company. In May 2019, BC Ferries issued a Request for Proposals for technical services to reduce underwater radiated noise from its vessels. This is to help reduce impacts on southern resident killer whales.

    “Continued investment to reduce our environmental footprint is of great importance to BC Ferries,” said Collins. “We are on a path to greater sustainability by continuously developing and environment in which we operate.”

    BC Ferries also continues to focus on fare affordability. At the start of fiscal 2019 (April 1, 2018), BC Ferries, with partial funding from the Province, reduced the fares on all routes by 15 per cent, with the exception of the three Metro Vancouver – Vancouver Island routes. Fares on these routes were held constant. The B.C. seniors’ passenger discount was also increased from 50 per cent to 100 per cent for travel Monday to Thursday. There are no fare increases being introduced in Fiscal 2020.

    Vehicle traffic increased 1.9 per cent and passenger traffic increased 1.2 per cent over the prior year. To accommodate the higher traffic volumes and improve the customer experience, BC Ferries provided 877 additional round trips throughout the system over the previous year and 3,281.5 more round trips over and above what was required under the Coastal Ferry Services Contract. The company also adjusted the schedule for the routes operating out of Horseshoe Bay terminal.

    During fiscal 2019, the company also re-introduced the upgraded Spirit of British Columbia into service and implemented a new reservation system. Together, these actions resulted in an increase in labour, fuel consumption, and training-related costs partially offset by the lower cost reflecting the Spirit of British Columbia’s consumption of LNG rather than marine diesel. The increase in operating expenses also included the impact of higher marine diesel prices, wage rate increases in accordance with the Collective Agreement and higher depreciation. As a result, total operating expenses increased $36.4 million from $784.3 million to $820.7 million.

    BC Ferries is one of the largest ferry operators in the world based on passengers transported annually and transportation infrastructure, and carried 22.3 million passengers and 8.9 million vehicles during the fiscal year ended March 31, 2019. BC Ferries provides frequent year-round ferry transportation services to the west coast of Canada on 25 routes, currently supported by 35 vessels and 47 terminals, and also manages other remote routes through contracts with independent operators.




2019 October 21

18:25 Navios Acquisition announces $15 mln offering of common stock
18:02 Temasek subsidiary plans to acquire 30.55% of shares in Keppel
17:50 Two LNG-powered Sovcomflot tankers successfully completed voyages along Northern Sea Route
17:36 Anglo-Eastern signs Cyber MOU with Naval Dome
17:13 Guard ship "Yaroslav Mudry" of RF Navy’s Baltic Fleet made business call in Limassol
17:05 Blockchain and DNA-based marine fuels tracking solution BunkerTrace goes live
17:02 Castor Maritime announces vessel acquisition
16:40 Yaroslavsky shipyard launches diving ship '75 Let Pobedy’ built for Transneft UW Service
16:21 Ministerial Conference pushes ratification of Cape Town Agreement
16:16 ACO Marine secures order to design and manufacture a Clarimar MF-3 biological wastewater management system for installation to the luxury yacht
16:09 ABB to bring autonomous technology to the Port of Singapore
16:02 Hunter Group ASA announces delivery of Hunter Saga
15:39 TransContainer reports 9M’19 net profit of RUB 10.426 million, up 68.3% YoY
15:02 Epic Gas completes major refinancing of twenty ships
14:47 Port of Baku becomes first Green Port in Caspian region
14:13 Sulphur 2020: stakeholders prepare for a sea change from 1 January 2020
13:52 USPA starts accepting applications for participation in concession tender of “Olvia Stevedoring Company”
13:34 ABP is ‘calling on all UK technology companies’ to drive innovation
13:13 Innovative vessels visit port of Brussels
12:39 Ports of Antwerp and Zeebrugge initiate merger negotiations
12:12 Aker Solutions and EDP Renewables to develop floating wind farm in Ulsan, South Korea
11:55 Port of Singapore throughput in Jan-Sep’2019 declined by 0.5% to 467.9 million tonnes
11:36 Port of Rotterdam posts Q3 2019 results
11:19 Container throughput of port Hong Kong (China) down 6.5% to 13.68 million TEUs in Jan-Sep’2019
11:00 CMA CGM launches SHIPFIN TRADE FINANCE, its new range of import and export financing solutions
10:48 Port of Helsinki volumes in January-September down 3.3% to 11.16 million tonnes
10:33 Damen partners with Maris to consider seaweed solution
09:51 One-stop principle is crucial for yachting development in Russia - Igor Levitin
09:30 Brent Crude futures price is down 0.29% to $59.25, Light Sweet Crude – fell by 0.13% to $53.8
09:24 MABUX: Bunker market this morning, Oct 21
09:12 Baltic Dry Index is down to 1,855 points

2019 October 20

16:05 EDPR and Aker Solutions to develop 500MW floating wind farm in Ulsan, South Korea
15:25 Coast Guard updates port conditions in Gulf Coast region
14:47 Siemens Gamesa bags three new contracts for 359 MW in Chile
13:41 Fincantieri begins project for stretching three small cruise ships of Windstar
12:34 MSC introduces new Spanish rail service for reefer cargo
11:03 USCG, Mexican Navy search for overdue aircraft in Gulf of Mexico
10:12 DOE authorizes LNG exports from the Venture Global Plaquemines LNG Project

2019 October 19

16:12 Bibby Marine appoints Helen Samuels to lead the company into its next phase of development
14:58 Med Marine is building new concept ice class tugs for Svitzer
12:34 Sohar Port & Freezone inaugurate new Svitzer pilot boat duo
11:44 USCG offloads more than $92 million worth of cocaine in San Diego
10:49 Singapore company slapped with NOK 7 million fine in the Harrier case

2019 October 18

19:19 New port icebreaker named Ob delivered to FSUE Atomflot
18:54 Port Kolomna hosted ceremony of consecration for pusher tug named Sergey Kladko
18:31 RF Ministry of Transport to expand area banned for navigation near Crimea bridge
18:12 Northwest Seaport Alliance’s Clean Truck Program earns AAPA environmental award
17:57 NUTEP Container Terminal handled three millionth TEU since its operations started in 2004
17:38 Expert RA affirms its ‘ruA’ non-financial company credit rating on DeloPorts
17:13 Port of Virginia buys 25 new hybrid shuttle carriers
17:00 First grain shipment via Sabetta port expected in July 2020 – RF Ministry of Agriculture
16:46 Onezhsky Shipyard delivers buoy tender of Project 3265 named Ladozhsky
16:20 ERMA FIRST invests in METIS Cyberspace Technology
15:45 International organizations unite at IMO
15:14 "K" LINE, MOL, & NYK share data with ONE through the common data platform "IoS-OP"
14:49 Main engines loaded onto lead ship of PV22 project at Nevsky Shipyard
14:12 ESPO publishes European port sector’s Environmental Report 2019
13:53 Blagoveshchensk shipyard resumed construction of modernized seiners of Project 1338
13:32 Total launches its first LNG bunker vessel
13:12 SBM Offshore successful bidder for partner’s minority ownership in SBM Offshore operated FPSO companies