• Home
  • News
  • BC Ferries releases year-end results
  • 2020 June 13 14:52

    BC Ferries releases year-end results

    BC Ferries released its year-end results today with consolidated net earnings of $28.8 million for fiscal 2020, compared to consolidated net earnings of $52.2 million for fiscal 2019.

    The company is facing an unprecedented drop in vehicle and passenger traffic with a corresponding decline in revenue as a result of the COVID-19 pandemic and the resulting preventative measures and imposed travel restrictions.

    “This past year will go down in memory as the fiscal year (April 1 to March 31) in which the first 50 weeks delivered one of BC Ferries’ strongest performances to date, while the last two weeks of the fiscal year brought traffic to a near halt,” said Mark Collins, BC Ferries’ President and CEO. “The challenges of COVID-19 have been nothing short of profound, with impacts shared by all B.C. businesses, our province, our country and the world.”

    In collaboration with the Province, BC Ferries announced reduced service levels to meet the significant drop in demand due to the pandemic. In reducing service, the company kept topof-mind the lifeline function ferries provide delivering goods to island communities and transporting essential workers to where they are needed most.

    “Going forward, our revised plans provide core essential service to coastal communities, while preserving our ability to operate sustainably,” said Collins. “Without question, this requires reducing costs further and looking for additional efficiencies. We have reduced operating and capital spending significantly and will only proceed with expenditures directly linked to safety and critical operations.”

    In fiscal 2020, revenues increased $15.7 million or 1.7 per cent compared to fiscal 2019, primarily as a result of increased traffic volumes and retail sales, partially offset by the impact of the COVID-19 pandemic.

    In the 12 months ended March 31, 2020, BC Ferries invested $238.1 million in capital expenditures to improve ferry services comprised of:

    • $140.9 million in new vessels
    • $45.6 million in vessel upgrades and modifications
    • $26.0 million in information technology
    • $15.5 million in terminal marine structures and
    • $10.1 million in terminal building upgrades

    BC Ferries’ fleet reliability record exceeded the target at 99.7 per cent. The company carried up to $8 billion of cargo, generating commercial revenue of $89.9 million. The new direct northern/mid-coast route and its vessel, Northern Sea Wolf, was brought into service, helping the mid-coast realize its tourism potential. The company also took delivery of two new Island Class hybrid-electric ships designed for future full electric operation.

    BC Ferries provided over 82,000 round trips during fiscal 2020, 2,330 more than in the prior year and 4,276.5 more round trips over what is required of the company under the Coastal Ferry Services Contract. The company carried 8.8 million vehicles and 21.7 million passengers during fiscal 2020. In fiscal 2020, for the first 50 weeks, passenger traffic was up 0.1 per cent and vehicle traffic was up 1.3 per cent.
    In March 2020, the COVID-19 pandemic significantly impacted vehicle and passenger traffic. During the last two weeks of March 2020, traffic dropped off with decreases of 55 per cent in vehicles and 69 per cent in passengers. This resulted year-to-date decrease of 1.0 per cent in vehicle traffic and 2.7 per cent in passenger traffic compared to the prior year.

    As the company responds to COVID-19, it will continue to build a resilient ferry service in the public interest. BC Ferries will monitor traffic and service levels and will ramp up services to meet demand as ferry travel recovers. BC Ferries will aid B.C. in its economic and social recovery through the vital role it plays in serving the needs of coastal communities.

    BC Ferries is one of the largest ferry operators in the world based on passengers transported annually and transportation infrastructure, and carried 21.7 million passengers and 8.8 million vehicles during the fiscal year ended March 31, 2020. 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.

2023 June 4

13:29 Victoria International Container Terminal welcomes COSCO’s ANE service
12:22 US refineries face operational, workforce risks from delayed planned maintenance - S&P Global
11:58 KONGSBERG successfully demonstrates autonomous vessel operations on Belgium’s inland waterway network

2023 June 3

15:47 Alfa Laval unveils two new hygienic valves
13:01 ABB's Andrea Antonelli steps down
11:20 Port of Corpus Christi names interim CEO
10:51 Kalmar introduces collision warning system for straddle carriers
10:18 Synaptec announces million pound sensor system order from Proserv
09:54 Peel Ports builds brand new £28m warehouse facility at Port of Liverpool

2023 June 2

18:26 Port leaders extend Climate Action Program for greener shipping
18:12 IAA PortNews’ summary of past week news
17:53 Distressed ship Papayiannis III repaired at HIP
17:39 Nansha Phase IV set a new high in the number of monthly test containers
17:23 All Weather Terminal supports business growth for NW Trading Limited at the Port of Hull
17:11 Port of London Authority Board names new non-executirve director
16:46 Container terminal of Vladivostok Sea Fishing Port handled 35.1 thousand TEU in May’23
16:39 Hutchison Ports to achieve Net-Zero in UK by 2035
16:22 CWS locates to the Saint Nazaire port facility to produce rigid sails
15:55 Global Ports handled 5000 imported vehicles in Saint-Petersburg in May
15:37 First drone vertiport in the Netherlands now operational
15:13 Thialf deployed for jacket installation at NnG as foundation work resumes
14:28 Viking announces additional sailings in Egypt
14:02 Oboronlogistics’ ferries transported 107 thousand tonnes of cargo by Ust-Luga – Baltiysk line in May’23
13:34 Proposed Gulf of Mexico LNG export facility announced
13:09 Costa Serena restarts in Asia, to resume outbound cruises dedicated to South Korea and Taiwan
12:41 Joint MPA-DITRDCA announcement on green and digital shipping
12:14 SASCO to start Northern Sea Route navigation under Northern delivery in June
11:38 Saipem’s technology for digital monitoring of subsea pipelines during laying operations achieves DNV qualification
11:17 Russia’s fish exports in 2022 rose by 5% — Ministry of Agriculture
10:36 Pilot VTMS with domestic software to be installed in the seaport of Sochi
10:12 Committees updated on Global South port security project
09:25 Sightseeing route in Nizhny Novgorod opened with pleasure boat Sotalia

2023 June 1

18:19 Wartsila partners with Transworld Ship Management on decarbonisation modelling
18:02 Rosmorport reports release of juvenile chum salmon into Lidovka River
17:51 Developing national legislation to tackle sea-based plastic litter
17:30 Establishment of Industrial Competence Center “Shipbuilding” finalized by USC
17:16 PGS secures a contract in the Mediterranean
17:09 UN says a salvage operation for FSO Safer set to begin
16:52 ILO and IMO chiefs pledge continued support for seafarers
16:47 GOGL - Transactions made under the share buy-back program
16:35 Semco Maritime announces the acquisition of Wind Multiplikator
15:58 Management Company of Russian Industrial Zone in Suez Canal Economic Zone to be liquidated
15:39 CMA CGM Group announces the acquisition of a Marseille passenger shipping company
15:01 Short-term contract extension for Abo FPSO
14:54 Gas leak at Melkoya stopped - Equinor
14:30 Russia’s State Duma denounced the treaty with Ukraine on the use of the Sea of Azov and the Kerch Strait
14:11 Eni and RINA sign partnership to accelerate the energy transition and decarbonisation of maritime transport
13:31 Zelenodolsk Shipyard named after M. Gorky delivers two passenger ships to Tatarstan Republic Fleet
13:07 MABUX: Bunker Weekly Outlook, Week 22, 2023
12:53 Wartsila guaranteed asset performance agreement delivers maximised overhaul intervals for NYK vessel
12:26 Yang Ming and HD Hyundai Heavy Industries signed contract for five new 15,500-teu LNG DF container vessels
12:03 Navigation season opened in the seaport of Okhotsk
11:39 Pherousa Green Shipping develops an ammonia cracker capable of converting ammonia to fuel cell quality hydrogen
10:56 Eidesvik Offshore enters into agreements for sale of its three seismic vessels
10:42 Perm Shipyard obtains status of Perm SEZ resident
09:50 RSV Mikhail Somov left Arkhangelsk for hard-to-reach polar stations in the Arctic
09:17 Rosmorport’s Far Eastern Basin Branch changes tariffs for towage services

2023 May 31

18:19 Jan De Nul to supply and install a new Pentland Firth interconnector
17:53 Belarus' MPs ratify agreement on inland navigation between Belarus and Russia
17:46 Tugdock, Crowley partner to innovate solutions for floating offshore wind energy