It has been a rough couple of years for the Crown corporation which carries vehicles and passengers across the Gulf of St. Lawrence between Nova Scotia and Newfoundland and Labrador.
Marine Atlantic’s held it’s AGM today.
The report covers the period April 1, 2021 to March 31, 2022 last spring when we began emerging from the pandemic.
Marine Atlantic brought in about $105 million in revenue that year but higher labour costs caused by the pandemic and rising fuel prices coupled with reduced traffic left it well short of its 65 percent cost recovery mandate. Expenses totaled about $240 million, meaning the federal government picks up the shortfall.
Traffic has since recovered with the advent of Come Home Year and a cost-reduction incentive package aimed at encouraging travel on the ferries.
The corporation is forging ahead with plans to add a new ferry in 2024, one which will have more cabin space and which will be more fuel and energy efficient.
The company is also continuing navigational improvements to Port aux Basques Harbour with the removal of Vardy’s Island, and is nearing completion of the new administration building in the southwest coast town.