• 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 November 15

11:28 ESL Shipping participates in Intelligence Hunt
11:00 CMA CGM to apply GRI from Canada West Coast to worldwide destinations (Excluding EU, Russia & USA)
10:41 Delft Dynamics, Next Ocean and Damen perform qualification test in North Sea
10:40 Gremyashii corvette of RF Navy’s Nothern Fleet to be tested in White Sea
10:16 Training ship Perekop of RF Navy's Baltic Fleet arrives in Republic of Myanmar
09:54 Bunker prices go down at the port of Saint-Petersburg, Russia (graph)
09:39 MABUX: Bunker market this morning, Nov 15
09:32 Brent Crude futures price is up 0.45% to $62.56, Light Sweet Crude – up 0.51% to $57.06
09:13 Baltic Dry Index is up to 1,364 points

2019 November 14

18:19 French Prime Minister Edouard Philippe inaugurates CEVA Logistics’ new headquarters in Marseille
18:00 Boosting handling of cargo bound for Arctic considered as strategic development vector of Murmansk Commercial Seaport
17:41 Port of Liepaja (Latvia) handled 5.92 million tonnes of cargo in 10M'2019, down 5.1% Y-o-Y
17:20 Gasunie, EBN, Port of Amsterdam and Tata Steel work together on the development of a CCUS project in the North Sea Canal area
16:49 Hung Hua Construction of Taiwan orders third Fast Crew Supplier this year to support offshore wind ambitions
16:36 Main engines loaded onto second serial ship of PV22 project at Nevsky Shipyard
16:15 Hapag-Lloyd announces rates from East Asia to North Europe and Mediterranean
15:59 Yevgeny Savkin appointed as General Director of Novyie Kommunalnyie Tehnologii in Ust-Luga port
15:15 The ICS and ECSA call for immediate and effective intervention after yet another attack in the Gulf of Guinea
15:12 Restoration of 90 year old Amsterdam bridge by Niron Staal
14:43 Expert forecasts scrubbers to consume some 600,000 barrels of heavy fuel per day in 2020
14:14 Norway boosts IMO's GreenVoyage-2050 GHG project
13:32 Sea Port of Saint-Petersburg invested RUB 630 million in development in 9M’19, up 53% YoY
13:11 MOL earns AIP for design of bow wind-shield, ultra-large containership
12:30 Bunker prices are flat at the Far East ports of Russia (graph)
12:04 CMA CGM announces FAK rates from Asia to the Middle East Gulf
11:23 Aleksey Rykovanov appointed as General Director of Murmansk Commercial Seaport
11:01 Arista Shipping starts the path to smart shipping operations with an ocean data agreement with ABS
10:39 RF Government supports expansion of Murmansk Transport Hub capacity to 65 million tonnes by 2035
10:16 MABUX: Bunker market this morning, Nov 14
10:02 WesCom Signal and Rescue goes green at METSTRADE 2019
09:38 Three new Damen FCS Patrol vessels for SR Platforms achieve major milestones in a single week
09:33 Brent Crude futures price is up 0.58% to $62.73, Light Sweet Crude – up 0.72% to $57.53
09:19 Baltic Dry Index is up to 1,365 points

2019 November 13

18:07 LR and Seabury Maritime partner to tackle OPEX and CAPEX challenges
17:55 Gasum acquires AGA’s Clean Energy business and Nauticor’s Marine Bunkering business from Linde AG
17:36 Rolls-Royce and luxury yacht manufacturer Sunseeker sign frame agreement for MTU engines
17:18 Next-generation controller platform ‘Triton’ successfully passes TAT in Japan using latest ME-engine control system
17:04 LNG market expectations will be framed at the 6th International LNG Congress
16:54 Throughput of port Kaliningrad in Jan-Oct’2019 fell by 21% Y-o-Y to 9.34 million tonnes
16:28 Throughput of port Vyborg in Jan-Oct’2019 fell by 35% Y-o-Y to 1 million tonnes
16:03 MSC Cruises christens MSC Grandiosa
15:29 Innovative solutions for remote inspection: RINA and Kiber team up
15:03 Klaveness to focus their Dry Bulk operator activity on the Panamax to Post-Panamax segment
14:57 Throughput of port Vysotsk in Jan-Oct'2019 climbed by 5% Y-o-Y to 16.15 million tonnes
14:16 HHLA reports 4% growth in container volume to 5.7 million TEUs, revenue up 8.3% to 1 bn euros in Jan-Sept, 2019
13:33 Throughput of port Primorsk in Jan-Oct’2019 grew by 17% Y-o-Y to 51.84 million tonnes
13:12 Ten ports in the Nordic Region agreed upon a declaration focusing on sustainable port management
13:12 Cargo traffic in Ob-Irtysh Basin slightly down to 7.7 million tonnes
12:49 Port of Ust-Luga handled 87.49 million tonnes of cargo in 10M’19, up 7% Y-o-Y
12:24 Throughput of Port St. Petersburg in 10M'2019 grew by 2% to 50.00 million tonnes
12:00 EIB agrees to provide EUR 140 million to support expansion and upgrading of the Port of Piraeus
11:57 MPC Capital acquires stake in tanker specialist Albis Shipping & Transport
11:33 Port of Southampton welcomes MSC Grandiosa on her UK launch
11:08 Net profit of Commercial Port of Vladivostok for 9M’19 totaled RUB 4.64 billion, up 38.7% YoY
10:17 Port of San Diego to add seven alternative fuel vehicles to its work fleet
10:16 Environmental legislation on maritime transport will be reformed – focus on waste management
09:50 Bunker market at the port of Saint-Petersburg, Russia sees mixed price movements (graph)
09:32 Brent Crude futures price is down 0.37% to $61.83, Light Sweet Crude – down 0.33% to $56.61
09:25 MABUX: Bunker market this morning, Nov 13
09:14 Baltic Dry Index is up to 1,354 points