BC Ferries: Traffic Showing Signs of Improvement while Pandemic Continued to Impact Q1 Results

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Q1 results for the three months ended June 30, 2021

+37% cars compared to Q1, 2020 and -27% compared to Q1, 2019 (pre-Covid)

+40% passengers compared to Q1, 2020 and -46% compared to Q1, 2019 (pre-Covid)

Revenues increased $91.8 million, primarily as a result of the Safe Restart Funding, increases in traffic volumes and net retail sales.

Net earnings were $4.7 million, an increase of $66.7 million compared to a net loss of $62.0 million in the same period in the prior year.

In December 2020, BC Ferries received $308 million through the Safe Restart Program, a federal-provincial initiative intended to help provinces and territories safely restart their economies.

Safe Restart Funding of $60.0 million was applied towards BC Ferries’ operating losses in the three months ended June 30, 2021. Without the Safe Restart Funding of $60.0 million, revenues in this period would have been $169.2 million and net losses would have been $55.3 million.

The company continues to modernize the fleet with four more battery-electric hybrid Island Class vessels and one more LNG-fuelled Salish Class vessel.

Capital expenditures in this quarter totalled $38.7 million and included new vessels, major overhauls and inspections, marine ramp structure upgrades, hardware upgrades and various other projects.

Stena AB, Q1 Results 2021

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Result before taxes: SEK –1,129 (–2,101) million

Consolidated EBITDA: SEK 1,054 (1,028) million.

Consolidated EBITDA, excluding net gain on sale of assets and change in fair value of

investment properties: SEK 845 (761) million.

Available liquidity was further strengthened


Revenu SEK 2,312 million (2,803)

EBITDA increased compared to last year despite only half a month of negative Covid-19 impact last year. Passenger and car volumes are still under pressure but are compensated by strong freight volumes and cost reductions. SEK 317 million (211)


The first delivered RoPax newbuilding in Q3 2020 has commenced its 10-year charter contract (Brittany Ferries) which contributes to a stable EBITDA for RoRo operations: SEK 73 million (70).

View Stena AB Q1 pdf