Ferries doing (a bit) better

  • Mon Feb 24th, 2014 10:00am
  • News

BC Ferries is reporting a net loss of $12.3 million in its third quarter, bout $5 million less than the same period last year. Net earnings for Ferries for the nine0month period ending Dec. 31 were $56.3 million, up slightly from $52.6 million a year ago. The company says the third quarter is affected by a seasonal downturn. In the last three months of 2013, vehicle traffic increased 0.8 percent and passenger traffic was up 1.0 percent compared to the same period in 2012. Ferries is currently seeking proposals from five shipyards (one in Canada) to build three new intermediate sized vessels, which will be dual-fuel capable, to replace the Queens of Burnaby and Nanaimo, both almost 50 years old. The company is also planning to reduce its sailings by about 8 percent, or 6,900 round trips per year, including cutting the Kwuna to a 12 hour day and reducing one sailing per week from Skidegate to Prince Rupert. Complete details of Ferries’ financial position can be seen at www.sedar.com