• Home
  • News
  • BC Ferries cuts Q3 net loss to $3.7 million, reports record passenger traffic
  • 2019 February 24 15:58

    BC Ferries cuts Q3 net loss to $3.7 million, reports record passenger traffic

    BC Ferries released its third quarter results for the fiscal year ending March 31, 2019. The company reported a net loss of $3.7 million for the three months ended December 31, 2018, as compared to a net loss of $14.8 million reported in the same quarter last year. In the three months ended December 31, 2018, BC Ferries delivered over 42,000 sailings, an average of 466 sailings per day for its customers. The company carried 4.7 million passengers and 2.0 million vehicles, an increase of 1.7 per cent and 2.6 per cent respectively, compared to the same quarter in the prior year. These passenger traffic levels are the highest the company has experienced in over 20 years and vehicle traffic levels are the highest ever experienced, the ferry operator said in its press release.

    Due to the seasonality of ferry travel, BC Ferries generates higher net earnings in the first and second quarters – the spring and summer months – which are typically reduced by net losses in the third and fourth quarters, when fewer discretionary customers are travelling. BC Ferries performs vessel refits and major maintenance programs on its fleet during the fall and winter months to minimize the impact on ferry passengers.

    Year-to-date net earnings were $93.2 million, $7.7 million lower than the same period last year. These lower results reflect a reduction in fares, additional sailings, costs associated with the reintroduction of the Spirit of British Columbia following its mid-life upgrade and service enhancements for ferry users.

    Capital expenditures in the three and nine months periods ended December 31, 2018 totalled $45.0 million and $171.8 million, respectively. In the nine months ended December 31, 2018, the total spent in British Columbia was approximately $105 million with firms such as Esquimalt Drydock Company, Fraser River Pile & Dredge (GP) Inc., Point Hope Maritime Ltd., Vancouver Drydock Co., and Vancouver Shipyards Co. Ltd., as well as at BC Ferries’ own maintenance facility in Richmond. In the three and nine months ended December 31, 2018, $11.3 million in grant funding was recorded ($0.8 million from FortisBC in the three months ended December 31, 2018 and $10.5 million from the federal New Building Canada Fund in the nine months ended December 31, 2018).

    Last fall, BC Ferries filed its Performance Term Five Submission to the British Columbia Ferries Commissioner. The submission provides information to assist the Commissioner to establish price caps for all regulated routes as specified in the Coastal Ferry Services Contract, for the period of April 1, 2020 – March 31, 2024. The Commissioner will release his preliminary ruling by March 31, 2019, with the final ruling expected by September 30, 2019.

    A key element of the Performance Term Five Submission is BC Ferries’ 12-Year Capital Plan, which details plans to invest more than $3.9 billion. This will be the largest capital plan in BC Ferries’ history. “The capital plan emphasizes more system capacity, operational efficiency, resiliency and travel certainty. These are the things ferry users tell us they want,” said Collins. This spring will see the Spirit of Vancouver Island re-enter service with its advanced liquefied natural gas propulsion system and mid-life upgrade. This investment lowers greenhouse gas emissions and particulate emissions, as well as reducing fuel spend. It is a major step in BC Ferries’ Clean Technology Adoption Plan.

    This fall will see the delivery of two new Island Class vessels outfitted with hybrid dieselelectric propulsion. They will be built to be capable of conversion to all-electric propulsion as the technology permits and the necessary infrastructure becomes available. These 81-metre ships will accommodate 450 passengers and crew and approximately 47 vehicles. They are expected to enter service on the Texada Island – Powell River and Port McNeill – Alert Bay – Sointula Island routes in 2020. Their arrival is the next significant step in BC Ferries’ Clean Technology Adoption Plan.

    BC Ferries is one of the largest ferry operators in the world based on passengers transported annually and transportation infrastructure, and carried 22.0 million passengers and 8.7 million vehicles during the fiscal year ended March 31, 2018. 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.

2021 October 28

16:21 Viking Line provides the best customer experience in the tourism industry
16:12 China ports container volume rises 9.5% from January to September 2021, NCFI slight decrease in October
16:09 OOS Group introduces the SMF
15:46 Shipbuilding Complex “Zvezda” to allocate RUB 2.95 billion for construction of dry dock and outfitting workshops
15:23 Methanex and MOL finalize definitive agreements for a strategic shipping partnership
14:51 Demonstration project begins for commercialization of vessels equipped with domestically produced ammonia-fueled engine
14:29 Top management change in Eidesvik Offshore ASA
14:11 MABUX: Bunker Weekly Outlook, Week 43, 2021
13:54 San Pedro Bay ports announce new measure to clear cargo
13:40 RF Transport Minisry to consider discounts for LNG-powered ships in Far East ports upon request from business
13:29 IMO-Singapore maritime Single Window Project picks Angola port
12:52 Finnlines increases capacity between Finland and Sweden in January 2022
12:24 Ro-Ro/Passenger ferry Baltic Princess returned to Turku – Stockholm route following her DD at Turku Ship Repair Yard
11:38 Tallink Grupp reports the first quarterly profit since the start of the COVID pandemic
11:15 First vessel sails into Lumsden Point
10:53 Sovcomflot expects full-scale competition of ammonia, hydrogen and methanol with LNG not earlier than in 4-8 years
10:11 MABUX: Bunker prices may decline on Oct 28
10:07 ABS My Digital Fleet™ expands maritime IoT capabilities with the PI System from AVEVA
09:49 Net profit of PAO NOVATEK for 9M’2021 increased 11.5 times
09:30 Oil prices continue decreasing
09:14 Baltic Dry Index as of October 27
09:03 ‘Shanghai-Express’ reaches Port of Hamburg
08:56 NEDO selects Methane Slip Reduction Project for next generation ship development

2021 October 27

18:22 IMC Shipping appoints Mingfa Liu as managing director for ship services
18:07 TotalEnergies and MOL hold naming ceremony of France’s first LNG bunker vessel
17:51 Damen built LNG bunkering vessel enters service in the Gulf of Finland
17:42 Rosmorport takes delivery of LNG-powered Ro-Ro ship Marshal Rokossovsky
17:40 DEME Offshore installs final foundation at Hornsea Two offshore wind farm
17:34 Port of Zeebrugge posts a strong growth in nine months of 2021
15:40 Dublin Port volumes down by 3.3% after nine months of 2021
14:33 IMO considers midterm-measures for GHG reduction from ships
14:12 BIO-UV Group adds 3d scanning to turnkey BIO-SEA BWTS retrofit services
13:50 Ocean Yield agrees to invest in six VLCCs with 10-year bareboat charters to International Seaways
13:02 WinGD invests in training as gas-fuelled fleet grows
12:52 Vyborg Shipyard contracted to build an 18 MW icebreaker for Rosmorport
12:38 Zero emissions by 2050 is not enough for most developed countries if planetary warming is to be limited to 1.5 degrees - DNV
12:37 The LNG Fleet, LNG Bunkering and Other Alternatives Conference kicks off in Moscow
12:06 FESCO to supply Indian stations in Antarctica for another 5 years
11:51 Constructora Vale Verde places a repeat order for a cutter suction dredger with Damen Shipyards
11:19 MarineMax reports record fourth quarter and fiscal year results
11:18 FSRU Marshal Vasilevskiy completes maiden voyage with LNG cargo on the Northern Sea Route
10:09 Siemens Gamesa solidifies offshore presence in U.S. with Virginia blade facility
09:55 MABUX: No firm trend on Bunker market on Oct 27
09:33 Baltic Dry Index as of Oct 26
09:25 Aquadrill announces sale of a semisubmersible drilling unit
08:57 Oil prices edge lower

2021 October 26

18:06 FarSounder and NAVTOR announce a new partnership
17:49 Russian State Duma approves a bill on wrecks removal in the first reading
17:36 FuelEU can do more for the decarbonisation of shipping – World Shipping Council
17:08 First global hydrographic innovation and technology laboratory established in Singapore
16:31 BIO-UV Group adds 3D scanning to turnkey BIO-SEA BWTS retrofit services
16:24 Wärtsilä commits to carbon neutrality by 2030
16:05 CSL Americas takes delivery of second converted self-unloading ship
15:27 Damen Maaskant Shipyards Stellendam delivers 38-metre Beam Trawler to Rederij Long Ships
15:17 Vard Electro dual-battery pack to reduce emissions for Siem Offshore subsea vessel
15:01 Baltic Shipyard marks successful loading of shield tank duo onto the 22220 nuclear icebreaker Yakutia
14:13 BW Energy signs an agreement for the acquisition of semi-submersible drilling rig for the Kudu development
13:19 Wallem Group appoints John-Kaare Aune as new Chief Executive Officer
12:13 DP World: RWG terminal to be the first carbon neutral container terminal in the world
11:32 ClassNK grants Innovation Endorsement for Products & Solutions to Weathernews’s CIM