Despite the obstacles of delays, cancellations, complaints and even an incident of a ferry striking a dock, Marine Atlantic painted a positive picture at its 2013 public meeting Thursday at the Sheraton Hotel Newfoundland in St. John’s.
Marine Atlantic held its 2013 annual public meeting on Thursday afternoon at the Sheraton Newfoundland hotel with a keynote address by its president and CEO Paul Griffin (left) along with finance vice-president Shawn Leamon (right) and board of directors member Garfield Moffatt. — Photo by Joe Gibbons/The Telegram
The meeting is designed to provide an update on the federal crown corporation’s fiscal activities, including its investments and initiatives.
Marine Atlantic chairman Rob Crosbie pinpointed the upgrading of the fleet and infrastructure in a Thursday news release.
“Over the past three years we have renewed our fleet, upgraded our shore-based infrastructure and started the process of introducing new business processes.”
The corporation brought in $107.5 million in customer tariffs and revenues, while another
$191.8 million was received as a government subsidy.
The corporation spent $295.6 million and the cost recovery was 67.1 per cent — a number that falls within the targeted range the shareholder has established.
Anybody who complains each time they fill their vehicle might want to consider the $34 million Marine Atlantic spent on fuel during the past fiscal year.
A cool $51 million was invested in asset renewal. Marine Atlantic invested $38 million of that upgrading what it refers to as shore-based assets such as docks, marshaling yards and buildings at the three ports of Sydney, Argentia and Port aux Basques.