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Yarmouth Ferry Deal Signed

The province and STM Quest Inc. have signed an agreement to support a new cruise ferry in Yarmouth, to begin in May 2014.  The province has received a signed copy of the agreement and amendments from STM Quest Inc.

The company has committed to a May start.

The province and company agreed to make amendments to the letter of offer announced in early September. The parties have:
— clarified language and added more detail including how the province will provide funding during the start-up phase, and the terms of senior management salary deferral during the start-up and if there are operating losses
— revised deadlines for conditions the company must meet
— clarified how and when ST Marine will provide its $3 million contribution
— added auditing rights for the province for more accountability

The province’s financial commitment remains the same. It will provide $21 million to the company over seven years, including $10.5 million toward start-up costs, with $1.5 million each year for marketing.

There are a number of terms and conditions for STM Quest Inc. to receive the assistance and earn forgiveness for the loan.

For a ferry to start operating in 2014, STM Quest, other levels of government and partners must work on: having border services in place in both ports, upgrading the Yarmouth ferry terminal, signing berthing agreements in the two ports, and getting all licences and permits needed to operate a ferry service.

Marketing the ferry and Nova Scotia to potential visitors from the mid-Atlantic and north eastern United States are key parts of the service. The Nova Scotia Tourism Agency has been meeting with STM Quest Inc. to co-ordinate the province’s tourism marketing plans with the company’s detailed plan.

Background information is available at http://novascotia.ca/econ/ in the Initiatives section.

About Halifax Shipping News

Halifax Shipping News began in 2008 as a blog called The Armchair Captain. The idea behind it came when I would become curious about the comings and goings in the harbour, and research to find their source. I figured if I was wondering, others would be as well, and so I would blog about them. 5+ years later, here we are. This blog is written by Peter Ziobrowski. Peter is a Senior IT System Architect, and holds a BA in the History & Theory of Architecture,as well as diplomas in Computer System Technology and Information System Security. His personal site can be found at http://www.ziobrowski.net. Peter is available for media interviews on local Maritime issues. He also holds a large collection of photos of shipping subjects from Halifax suitable for publication. You can contact him directly via email at peter@halifaxshippingnews.ca.

 

The views and opinions expressed in this content are those of the author and do not necessarily reflect those of haligonia.ca.

http://blog.halifaxshippingnews.ca

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