Friday, October 7, 2011
Buyers' market continues in Prince Rupert
Sales figures for 2011 YTD are: 83 properties worth $14.6 million changed hands so far this year in the Prince Rupert area, compared with 96 properties worth $16.5 million to the end of September, 2010. Of the 72 single family homes that have changed hands this year, half sold for less than $169,000 and on average, took 142 days to sell. As of September 30th there were 264 properties of all types available through the MLS® in the Prince Rupert area.
Thursday, October 6, 2011
Investment updates from one source for Northwestern BC
We have grown used to the rumour mill in Prince Rupert issuing forth with a variety of different tall tales over the years. Sometimes it can be difficult to seperate fact from fiction. A new website is now available that states only cold hard facts about the various projects that are planned not only for Prince Rupert but for the whole Northwest corridor. This site will provide regular updates as they happen and will follow the processes that these projects must follow from inception to completion.
For anyone considering investing in the Northwest this website is invaluable. So dispense with the rumours and get some actual facts from www.investnorthwestbc.ca
For anyone considering investing in the Northwest this website is invaluable. So dispense with the rumours and get some actual facts from www.investnorthwestbc.ca
Monday, August 15, 2011
Canpotex investment in Prince Rupert - update
According to a document filed with Canada’s Major Project Management Office (MPMO) on July 20, Canpotex still plans to build a potash terminal on Ridley Island, south of the coal terminal. While nothing is certain yet, the filed document, titled “Project Description Final” and prepared by Stantec Engineering, is the most positive indication in almost two years that shovels may one day go in the ground.
After representatives from the company visited Rupert in September 2009 and held a public presentation at the Lester Centre of the Arts, the community shared an optimism that had not existed since the early days of construction of the container port. Promising a decision by the end of 2009, Canpotex reps said they were deciding whether or not to build a potash terminal in Rupert or in North Vancouver.
The year came and went, and so did 2010, without a peep from Canpotex. Repeated requests for information by Muskeg News, and presumably by other media outlets, were stonewalled: the company farms its media-relations department out to a private company, based in Vancouver. When asking for comment for any little thing that arose over the past two years, Muskeg News was inevitably told “no comment” in a variety of ways.
As time went by, Rupertites grew more skeptical of the company, or, indeed, put it out of their thoughts altogether. The occasional rumour flared up, saying either that Canpotex was never coming, or that it was. No one was certain; everything was a speculation.
It didn’t help, either, that Canpotex had actually put a stop to a federal environmental assessment on May 14, 2010. But on June 24 of this year, that process was quietly re-started, and the new engineering report was filed less than a month later, showing that the project is still very much alive, even if nothing is official quite yet.
The environmental assessment is managed through the Canadian Environmental Assessment Agency. “The reason for continuing the environmental assessment at this time is that we received an official letter from the proponent notifying us that they wished to proceed,” wrote Maxine Leger-Haskell, a communications advisor with the Agency, in an email to Muskeg News.
While that may bring a bit of optimism to the community, further optimism may come from the engineering report that was filed on behalf of Canpotex and the Prince Rupert Port Authority. The project to build a potash terminal, in this case, is linked closely to the Port’s plans to build a circular rail system at Ridley Island, a development plan that was mentioned at its annual public meeting earlier this year.
“The PRPA road, rail and utility corridor will service the Canpotex facility as well as other future developments on Ridley Island,” states the report in its introduction. “A single environmental assessment is being proposed for these two projects as they are seen as interdependent and cannot proceed without each other.”
Numerous maps in the report show the Port plans to use the existing rail lines and extend them in a loop around Ridley Island. The loop would be 7,818 metres long, with railbeds for up to 14 inbound and 11 outbound tracks. The total area for the rail loop is 125 hectares. The potash terminal, on other hand, consists of a storage facility, a marine wharf, a trestle, a causeway, and a loading facility capable of receiving vessels of up to 180,000 dead weight tonnes. Canpotex’s portion of the project requires 21 hectares of land.
In the report, Canpotex also lays out its argument for building the potash terminal. A key ingredient in fertilizers, potash has seen an increased demand due to global food demand. The potash mines in Saskatchewan are some of the biggest deposits in the world. “Canpotex’s shareholders have planned a number of mine expansions and debottlenecking projects to increase output,” states the report in the “Project Need and Rationale” section. “For Canpotex to meet the needs of the global marketplace, additional potash export terminal capacity is required.” The company conducted “pre-feasibility” studies to develop such terminals in Rupert, Vancouver, Washington State and Oregon to increase the supply.
Page 19 of the report also lays out a tentative schedule for construction of the terminal and railyard. Construction could begin as early as spring 2013, with completion scheduled for the first quarter of 2016.
But they’re not there yet. The environmental assessment, which was put on hold for over a year, needs to first be completed. And, as part of federal law, aboriginal bands need to be consulted.
In this area, the report shows that Canpotex has been busy meeting with various aboriginal groups since February 2008. Over 20 meetings have been held, mostly with Lax Kw’alaams, Metlakatla, and Kitkatla (Gitxaala). The most recent meeting occurred on June 17 between Canpotex, Lax Kw’alaams and Metlakatla in Vancouver. While other agencies, such as Environment Canada and Fisheries & Oceans, have also met with Canpotex, the majority of meetings listed are with aboriginal bands.
Outside of the process to build a terminal, Canpotex has made a major pricing agreement with India after extensive negotiations. At the Port’s annual public meeting earlier this year, the drop in potash prices two years ago was blamed for the delay in Canpotex’s decision to build a terminal.
And even with the re-start of the environmental review and the new draft of the engineering report, a potash terminal still isn’t a for-sure thing. In an interview with Muskeg News, the Port’s manager of corporate communications, Michael Gurney, said the timeline could change. He also downplayed the re-start of the environmental review, saying there is nothing extraordinary about it. “It’s just business as usual,” he said. “It’s the next step in the environmental assessment.”
Meanwhile, as the Northwest economy continues to struggle, Rupert continues to seek a white knight to revive its fortunes – but it hasn’t arrived, yet.
~Written by Chris Armstrong - Muskegnews.com
--------------------------------------------------------------------------------
After representatives from the company visited Rupert in September 2009 and held a public presentation at the Lester Centre of the Arts, the community shared an optimism that had not existed since the early days of construction of the container port. Promising a decision by the end of 2009, Canpotex reps said they were deciding whether or not to build a potash terminal in Rupert or in North Vancouver.
The year came and went, and so did 2010, without a peep from Canpotex. Repeated requests for information by Muskeg News, and presumably by other media outlets, were stonewalled: the company farms its media-relations department out to a private company, based in Vancouver. When asking for comment for any little thing that arose over the past two years, Muskeg News was inevitably told “no comment” in a variety of ways.
As time went by, Rupertites grew more skeptical of the company, or, indeed, put it out of their thoughts altogether. The occasional rumour flared up, saying either that Canpotex was never coming, or that it was. No one was certain; everything was a speculation.
It didn’t help, either, that Canpotex had actually put a stop to a federal environmental assessment on May 14, 2010. But on June 24 of this year, that process was quietly re-started, and the new engineering report was filed less than a month later, showing that the project is still very much alive, even if nothing is official quite yet.
The environmental assessment is managed through the Canadian Environmental Assessment Agency. “The reason for continuing the environmental assessment at this time is that we received an official letter from the proponent notifying us that they wished to proceed,” wrote Maxine Leger-Haskell, a communications advisor with the Agency, in an email to Muskeg News.
While that may bring a bit of optimism to the community, further optimism may come from the engineering report that was filed on behalf of Canpotex and the Prince Rupert Port Authority. The project to build a potash terminal, in this case, is linked closely to the Port’s plans to build a circular rail system at Ridley Island, a development plan that was mentioned at its annual public meeting earlier this year.
“The PRPA road, rail and utility corridor will service the Canpotex facility as well as other future developments on Ridley Island,” states the report in its introduction. “A single environmental assessment is being proposed for these two projects as they are seen as interdependent and cannot proceed without each other.”
Numerous maps in the report show the Port plans to use the existing rail lines and extend them in a loop around Ridley Island. The loop would be 7,818 metres long, with railbeds for up to 14 inbound and 11 outbound tracks. The total area for the rail loop is 125 hectares. The potash terminal, on other hand, consists of a storage facility, a marine wharf, a trestle, a causeway, and a loading facility capable of receiving vessels of up to 180,000 dead weight tonnes. Canpotex’s portion of the project requires 21 hectares of land.
In the report, Canpotex also lays out its argument for building the potash terminal. A key ingredient in fertilizers, potash has seen an increased demand due to global food demand. The potash mines in Saskatchewan are some of the biggest deposits in the world. “Canpotex’s shareholders have planned a number of mine expansions and debottlenecking projects to increase output,” states the report in the “Project Need and Rationale” section. “For Canpotex to meet the needs of the global marketplace, additional potash export terminal capacity is required.” The company conducted “pre-feasibility” studies to develop such terminals in Rupert, Vancouver, Washington State and Oregon to increase the supply.
Page 19 of the report also lays out a tentative schedule for construction of the terminal and railyard. Construction could begin as early as spring 2013, with completion scheduled for the first quarter of 2016.
But they’re not there yet. The environmental assessment, which was put on hold for over a year, needs to first be completed. And, as part of federal law, aboriginal bands need to be consulted.
In this area, the report shows that Canpotex has been busy meeting with various aboriginal groups since February 2008. Over 20 meetings have been held, mostly with Lax Kw’alaams, Metlakatla, and Kitkatla (Gitxaala). The most recent meeting occurred on June 17 between Canpotex, Lax Kw’alaams and Metlakatla in Vancouver. While other agencies, such as Environment Canada and Fisheries & Oceans, have also met with Canpotex, the majority of meetings listed are with aboriginal bands.
Outside of the process to build a terminal, Canpotex has made a major pricing agreement with India after extensive negotiations. At the Port’s annual public meeting earlier this year, the drop in potash prices two years ago was blamed for the delay in Canpotex’s decision to build a terminal.
And even with the re-start of the environmental review and the new draft of the engineering report, a potash terminal still isn’t a for-sure thing. In an interview with Muskeg News, the Port’s manager of corporate communications, Michael Gurney, said the timeline could change. He also downplayed the re-start of the environmental review, saying there is nothing extraordinary about it. “It’s just business as usual,” he said. “It’s the next step in the environmental assessment.”
Meanwhile, as the Northwest economy continues to struggle, Rupert continues to seek a white knight to revive its fortunes – but it hasn’t arrived, yet.
~Written by Chris Armstrong - Muskegnews.com
--------------------------------------------------------------------------------
Thursday, May 26, 2011
Prince Rupert Port expansion plans revealed
Clicking the link below will take you to a slide show presentation from Maher Terminals detailing the present activity at Prince Rupert Port and also the plans for the future expansion of the facilities. Included are estimates of job creation, 2nd phase expansion details and the partnerships between organisations which makes Prince Rupert Port a thriving business with an exciting future.
http://www.princerupertchamber.ca/downloads/2011%20CHAMBER%20OF%20COMMERCE%205-25.pdf
http://www.princerupertchamber.ca/downloads/2011%20CHAMBER%20OF%20COMMERCE%205-25.pdf
Wednesday, May 25, 2011
Brand new real estate service offering in Prince Rupert
The real estate marketing of the future is not going to resemble the staid print based model of today. With the advent of HD and 3D television, most of the properties for sale will be available on-line in real time.
Want to look at the future now?
Go to my web-site;
www.realestateprincerupert.com and click on Video Tours in HD.
Take a look and then let me know what you think.
Want to look at the future now?
Go to my web-site;
www.realestateprincerupert.com and click on Video Tours in HD.
Take a look and then let me know what you think.
Thursday, April 28, 2011
Pulp Mill sale update from City of Prince Rupert
When council passed the first three readings of the 2011 budget on Tuesday night, one city councillor took issue with the City’s spending habits.
Coun. Sheila Gordon-Payne, who voted against the budget, said she was continuing to “raise the red flag” over counting on money coming from the Watson Island pulp mill. She said money from the pulp mill has not come into municipal coffers, but the City is spending as if it has come in.
Coun. Gordon-Payne also said it’s a risky decision to spend money the City doesn’t have, and predicted that the City will one day have to raise taxes just to live within its means.
In an interview after the meeting, Mayor Jack Mussallem said he understood Coun. Gordon-Payne’s concerns, but he argued the City is going through a period of growth and opportunity.
“We can get beyond it after this year,” said Mussallem. “It’s a reasonable way to proceed at this time. I wouldn’t do it continuously year after year after year, and I think that’s her point. But at this time, going forward, we have cash flow that we can do that.”
Mussallem also said the sale of the pulp mill would help pay down the “extraordinary” debt load the city is under.
The City took the property at Watson Island after the previous owner, Sun Wave Forest Products, didn’t pay its taxes. In February 2010, SunWave filed a lawsuit against the City, claiming the City set unrealistic timetables for the removal of its property. Sun Wave also claimed the City was barring it from accessing its property on Watson Island.
On top of those legal costs were the maintenance fees for the property. After the City took over ownership of the mill in December 2009, it had to pay to maintain the property. According to the draft budget, those costs came to over $1 million in 2010.
The draft budget also states the City will actually be increasing its budgeted expenditures for Watson to $1.225 million for 2011 to “begin compliance with Ministry of Environment direction as well as some provision being made for cost of impending lawsuits.”
In September last year, a joint venture – comprising Metlakatla, Lax Kw’alaams and the Prince Rupert Port Authority – signed an exclusivity agreement by the City to do its due diligence in consideration of buying the mill. In return, the joint venture would pay most of the maintenance costs. At this point, it’s still not known whether the joint venture will buy the property.
The City’s next court date with Sun Wave is June 15, and another one is scheduled for June 22. Mussallem said there probably won’t be news of a sale of the mill until after those dates.
This year’s budget also sets aside $118,000 from its accumulated surplus to fund the net cost of holding Watson Island. The budget states the balance of the surplus on Dec. 31, 2010 was $2.5 million.
~Written by Chris Armstrong. Muskeg News
Coun. Sheila Gordon-Payne, who voted against the budget, said she was continuing to “raise the red flag” over counting on money coming from the Watson Island pulp mill. She said money from the pulp mill has not come into municipal coffers, but the City is spending as if it has come in.
Coun. Gordon-Payne also said it’s a risky decision to spend money the City doesn’t have, and predicted that the City will one day have to raise taxes just to live within its means.
In an interview after the meeting, Mayor Jack Mussallem said he understood Coun. Gordon-Payne’s concerns, but he argued the City is going through a period of growth and opportunity.
“We can get beyond it after this year,” said Mussallem. “It’s a reasonable way to proceed at this time. I wouldn’t do it continuously year after year after year, and I think that’s her point. But at this time, going forward, we have cash flow that we can do that.”
Mussallem also said the sale of the pulp mill would help pay down the “extraordinary” debt load the city is under.
The City took the property at Watson Island after the previous owner, Sun Wave Forest Products, didn’t pay its taxes. In February 2010, SunWave filed a lawsuit against the City, claiming the City set unrealistic timetables for the removal of its property. Sun Wave also claimed the City was barring it from accessing its property on Watson Island.
On top of those legal costs were the maintenance fees for the property. After the City took over ownership of the mill in December 2009, it had to pay to maintain the property. According to the draft budget, those costs came to over $1 million in 2010.
The draft budget also states the City will actually be increasing its budgeted expenditures for Watson to $1.225 million for 2011 to “begin compliance with Ministry of Environment direction as well as some provision being made for cost of impending lawsuits.”
In September last year, a joint venture – comprising Metlakatla, Lax Kw’alaams and the Prince Rupert Port Authority – signed an exclusivity agreement by the City to do its due diligence in consideration of buying the mill. In return, the joint venture would pay most of the maintenance costs. At this point, it’s still not known whether the joint venture will buy the property.
The City’s next court date with Sun Wave is June 15, and another one is scheduled for June 22. Mussallem said there probably won’t be news of a sale of the mill until after those dates.
This year’s budget also sets aside $118,000 from its accumulated surplus to fund the net cost of holding Watson Island. The budget states the balance of the surplus on Dec. 31, 2010 was $2.5 million.
~Written by Chris Armstrong. Muskeg News
Details released about historic signing
Port discusses elements of Coast Tsimshian deal
Posted on April 27th, 2011 by MuskegPress in News
A month after the minister of transportation visited Prince Rupert to herald a new deal between the government and the Coast Tsimshian, the Port Authority discussed some details of the plan at the monthly Chamber of Commerce luncheon.
On April 27, Andrew Mayer, the vice president of commercial & regulatory affairs with the Port, fleshed out some of the features of the deal, which he officially called the “Phase I, Phase II & Terminal 2 Settlement Agreement.”
Mayer said the deal will last 40 years and include the following terms:
•Transfer of federal & provincial Crown lands, located next to Fairview Terminal, to the Coast Tsimshian;
•“Economic development payments” from the federal government to the Coast Tsimshian. Mayer said this “substantial amount of money” is intended to be used by the Coast Tsimshian to train its members;
•Financial payments from the Port to the Coast Tsimshian for Phase I and Phase II work.;
•Contracting opportunities. In some cases, the Coast Tsimshian will have the ability to bid on a contract first – they must then demonstrate they have the necessary qualifications to complete the work, and the bid must be shown to be competitive. Mayer also said the qualifications and experience of any joint venture working with the Coast Tsimshian will also be taken into account;
•The ability for the Coast Tsimshian to be the sole source of contracting opportunities for major projects, such as Ridley Island Road and the rail utility corridor;
•50 jobs targeted to the Coast Tsimshian for Phase II;
•150 “operations jobs” over a 10-year period;
•Cash payments from the Port Authority for Phase I. In essence, the Coast Tsimshian would receive payments per container once the number of containers shipped reaches a certain threshold;
•After Phase II is built, the Coast Tsimshian will receive a cash settlement payable in one of the following scenarios: over 15 years, or lump-sum, or on a 20-foot container basis.
In promoting the deal, Mayer said it benefitted not only the Port, but also Prince Rupert as a whole. He said the agreement will lead to improved opportunities for the Coast Tsimshian, jobs & profits will remain in Rupert, and there will be improved marketability of the Port.
Mayer also pointed out that while all parties have agreed to these terms, the agreement has not actually been signed yet. He said the signing was delayed by the federal election, and predicted the ink would be on the paper shortly after May 2.
Most of the terms of the agreement had been distributed by the Port in a backgrounder handed out on March 14, when then-minister of transportation Chuck Strahl made the official announcement. While Mayer gave a more in-depth examination of the details, there are still many unknowns, such as the exact dollar figures for the cash settlements, when Coast Tsimshian members would start seeing jobs, and how much training the jobs would require.
In an interview after the luncheon, Mayer told Muskeg News the parties in the agreement will likely discuss the release of further information after the execution of the final agreement.
When Strahl made the announcement last month, Garry Reece & Harold Leighton, the chief councillors at Lax Kw’alaams and Metlakatla (which comprise the Coast Tsimshian), praised the agreement in front of about 50 people gathered for the announcement.
“This deal brings us certainty that we can do business in partnership with our neighbours,” said Leighton in his remarks to the audience last month.
~Written by Chris Armstrong Muskeg News
Posted on April 27th, 2011 by MuskegPress in News
A month after the minister of transportation visited Prince Rupert to herald a new deal between the government and the Coast Tsimshian, the Port Authority discussed some details of the plan at the monthly Chamber of Commerce luncheon.
On April 27, Andrew Mayer, the vice president of commercial & regulatory affairs with the Port, fleshed out some of the features of the deal, which he officially called the “Phase I, Phase II & Terminal 2 Settlement Agreement.”
Mayer said the deal will last 40 years and include the following terms:
•Transfer of federal & provincial Crown lands, located next to Fairview Terminal, to the Coast Tsimshian;
•“Economic development payments” from the federal government to the Coast Tsimshian. Mayer said this “substantial amount of money” is intended to be used by the Coast Tsimshian to train its members;
•Financial payments from the Port to the Coast Tsimshian for Phase I and Phase II work.;
•Contracting opportunities. In some cases, the Coast Tsimshian will have the ability to bid on a contract first – they must then demonstrate they have the necessary qualifications to complete the work, and the bid must be shown to be competitive. Mayer also said the qualifications and experience of any joint venture working with the Coast Tsimshian will also be taken into account;
•The ability for the Coast Tsimshian to be the sole source of contracting opportunities for major projects, such as Ridley Island Road and the rail utility corridor;
•50 jobs targeted to the Coast Tsimshian for Phase II;
•150 “operations jobs” over a 10-year period;
•Cash payments from the Port Authority for Phase I. In essence, the Coast Tsimshian would receive payments per container once the number of containers shipped reaches a certain threshold;
•After Phase II is built, the Coast Tsimshian will receive a cash settlement payable in one of the following scenarios: over 15 years, or lump-sum, or on a 20-foot container basis.
In promoting the deal, Mayer said it benefitted not only the Port, but also Prince Rupert as a whole. He said the agreement will lead to improved opportunities for the Coast Tsimshian, jobs & profits will remain in Rupert, and there will be improved marketability of the Port.
Mayer also pointed out that while all parties have agreed to these terms, the agreement has not actually been signed yet. He said the signing was delayed by the federal election, and predicted the ink would be on the paper shortly after May 2.
Most of the terms of the agreement had been distributed by the Port in a backgrounder handed out on March 14, when then-minister of transportation Chuck Strahl made the official announcement. While Mayer gave a more in-depth examination of the details, there are still many unknowns, such as the exact dollar figures for the cash settlements, when Coast Tsimshian members would start seeing jobs, and how much training the jobs would require.
In an interview after the luncheon, Mayer told Muskeg News the parties in the agreement will likely discuss the release of further information after the execution of the final agreement.
When Strahl made the announcement last month, Garry Reece & Harold Leighton, the chief councillors at Lax Kw’alaams and Metlakatla (which comprise the Coast Tsimshian), praised the agreement in front of about 50 people gathered for the announcement.
“This deal brings us certainty that we can do business in partnership with our neighbours,” said Leighton in his remarks to the audience last month.
~Written by Chris Armstrong Muskeg News
More activity flows through Prince Rupert Port
You are here: Home » News » Container port to see two more ships per week
Container port to see two more ships per week
Posted on April 18th, 2011 by MuskegPress in News
Although some details still need to ironed out, Fairview Terminal will see four container ships visiting each week, starting in May. That’s an increase from the two ships that currently make Prince Rupert a port-of-call each week.
Shaun Stevenson, the vice president of marketing & business development at the Prince Rupert Port Authority, said both COSCO and Hanjin are adding Prince Rupert to their Pacific shipping services.
COSCO (China Ocean Shipping Company) is planning to add Prince Rupert to its “South China Express” service, said Stevenson. He added this will see Rupert as the last port-of-call, after Long Beach, and before the ship heads west across the Pacific.
“We’re hopeful that’s going to be a real opportunity for exports for Prince Rupert,” said Stevenson.
Hanjin Shipping will also be sending a ship to Rupert as part of its Pacific Northwest Express Service. According to Hanjin’s website, its ships will arrive in Prince Rupert on Saturdays from Busan, South Korea. On Sundays, the ship will depart Rupert south for Seattle, Portland & Vancouver before heading back west to Busan.
In both cases, the new calls have their own distinct characteristics. Stevenson said the new COSCO call is unique in that it’s the last port-of-call before heading back west, and the Hanjin call provides a greater reach into the Korean market.
Stevenson also said there are some details that still need to be worked out, such as the exact date for the first calls, how large the vessels will be, and how much volume will be shipped through Fairview. Still, he said the addition of the two extra ships will help Fairview Terminal. “Certainly it’s going to contribute to a lot of growth, even in this calendar year,” he said.
The two new ships will also be visiting Fairview during a period of increasing capacity. In its year-end report on 2010 numbers, the Port Authority said 340,000 TEUs were shipped through Fairview last year, putting the terminal at almost 50 per cent capacity.
At this point, Stevenson said it’s difficult to determine how much volume will be increased with the two new ships. He said any expansion of the terminal will only happen after an ongoing environmental assessment is complete, which is expected by mid-2012. He said expansion plans are under review by the Port, CN Rail, and Maher, the operator of Fairview. The decision on when to expand will be a commercial decision by Maher, said Stevenson.
A press release sent out by the City celebrating the arrival of the two ships said “the increased activity will allow for an increase in shipment of back haul products to Asia.”
~Written by Chris Armstrong Muskeg News
--------------------------------------------------------------------------------
Container port to see two more ships per week
Posted on April 18th, 2011 by MuskegPress in News
Although some details still need to ironed out, Fairview Terminal will see four container ships visiting each week, starting in May. That’s an increase from the two ships that currently make Prince Rupert a port-of-call each week.
Shaun Stevenson, the vice president of marketing & business development at the Prince Rupert Port Authority, said both COSCO and Hanjin are adding Prince Rupert to their Pacific shipping services.
COSCO (China Ocean Shipping Company) is planning to add Prince Rupert to its “South China Express” service, said Stevenson. He added this will see Rupert as the last port-of-call, after Long Beach, and before the ship heads west across the Pacific.
“We’re hopeful that’s going to be a real opportunity for exports for Prince Rupert,” said Stevenson.
Hanjin Shipping will also be sending a ship to Rupert as part of its Pacific Northwest Express Service. According to Hanjin’s website, its ships will arrive in Prince Rupert on Saturdays from Busan, South Korea. On Sundays, the ship will depart Rupert south for Seattle, Portland & Vancouver before heading back west to Busan.
In both cases, the new calls have their own distinct characteristics. Stevenson said the new COSCO call is unique in that it’s the last port-of-call before heading back west, and the Hanjin call provides a greater reach into the Korean market.
Stevenson also said there are some details that still need to be worked out, such as the exact date for the first calls, how large the vessels will be, and how much volume will be shipped through Fairview. Still, he said the addition of the two extra ships will help Fairview Terminal. “Certainly it’s going to contribute to a lot of growth, even in this calendar year,” he said.
The two new ships will also be visiting Fairview during a period of increasing capacity. In its year-end report on 2010 numbers, the Port Authority said 340,000 TEUs were shipped through Fairview last year, putting the terminal at almost 50 per cent capacity.
At this point, Stevenson said it’s difficult to determine how much volume will be increased with the two new ships. He said any expansion of the terminal will only happen after an ongoing environmental assessment is complete, which is expected by mid-2012. He said expansion plans are under review by the Port, CN Rail, and Maher, the operator of Fairview. The decision on when to expand will be a commercial decision by Maher, said Stevenson.
A press release sent out by the City celebrating the arrival of the two ships said “the increased activity will allow for an increase in shipment of back haul products to Asia.”
~Written by Chris Armstrong Muskeg News
--------------------------------------------------------------------------------
Thursday, March 31, 2011
Ridley Terminals gets Federal approval to borrow from capital markets
In a very quick turn around time for Government, the feds have allowed RTI to borrow the necessary funding for their proposed expansion plans from the capital markets. This enables the company to proceed with their ambitious expansion programme that was instigated by the upturn in export figures and the new five year contract with an American mine. Turnover is expected to double over the next five years and with the refurbishment of existing equipment and the installation of a brand new docking facility, their will be an immediate benefit in contruction employment followed by an estimated 50 new full time jobs.
This announcement comes only two weeks after the Port of Prince Rupert announced that First Nations agreements have been signed and construction of phase two of the port will begin in 2012.
At the rate these positive announcements are being made I will probably be updating this blog daily. If you have yet to buy property in Prince Rupert or Port Edward I suggest you get a move on. 250-622-8546 gets you access to every residential and commercial listing.
This announcement comes only two weeks after the Port of Prince Rupert announced that First Nations agreements have been signed and construction of phase two of the port will begin in 2012.
At the rate these positive announcements are being made I will probably be updating this blog daily. If you have yet to buy property in Prince Rupert or Port Edward I suggest you get a move on. 250-622-8546 gets you access to every residential and commercial listing.
Friday, March 25, 2011
Federal budget failure may impact Ridley Island expansion plans
The federal budget released on March 22 proposed financial support for the expansion of Ridley Terminals Inc, allowing it to borrow from capital markets to fund its expansion plans.
But those plans may be put on hold for the time being if opposition parties defeat the budget in the House of Commons this week, which would trigger an election.
It doesn’t look promising. All three opposition parties have already expressed opposition to the budget, citing shortcomings on a variety of issues. “Overall, it was a net disappointment,” said Skeena-Bulkley Valley MP Nathan Cullen in a teleconference with reporters Tuesday afternoon. “I think an election is definitely on its way.”
A non-confidence motion will be introduced in the House of Commons Friday afternoon (eastern time), which will probably cause the government to fall and trigger an election. The budget bill would die on the floor.
But not everyone wants that to happen. Bud Smith, chair of Ridley, supported the budget, especially its reference to “approval for the borrowing that is critical to our expansion plans.”
In an email to Muskeg News, Smith didn’t say the budget’s defeat would stop expansion at Ridley. But he said the defeat wouldn’t help with expansion.
“Clearly not passing the budget won’t help RTI create its new capacity and add additional jobs that new capacity will bring to Prince Rupert,” Smith wrote.
Smith’s email also said four government ministers are working with Ridley today to try and get the borrowing approved before an election begins. “If their efforts prevail RTI will move ahead as scheduled,” he wrote. “If not then not passing the budget will hurt RTI and all who depend on RTI.”
There is work being done without the help from the budget, however. Smith wrote that engineers are continuing their design work, and the company is also buying a new replacement dumper system, which will be installed this December. Ridley will pay for the dumper through its own cash flow, he wrote.
Ridley Terminals is a Crown Corporation under broad policy direction from the government of Canada. It operates as a commercial entity through revenue received from its shipping activities. Although revenue has been increasing steadily, government contributions of $8.1 million and $1.8 million were provided in 2005 and 2006 when the corporation could not meet its financial operating requirements.
Things appear to be getting better, however. Throughputs at the terminal reached record levels in 2010, and are expected to increase in coming years with continued growth of the coal market.
According to data from the Prince Rupert Port Authority, Ridley shipped over 8 million tonnes of throughput in 2010, most of it coal. And, at the end of January, the terminal signed a contract with Arch Coal, based in St. Louis, to ship at least 2 million tonnes of coal each year until 2015. The Arch contract will contribute to expansion plans that have been in the works for the past few years.
According to a press release from August 2010, RTI is currently undergoing improvements to its facility and equipment to better meet customer demand.
Ridley Terminals ships metallurgical and thermal coal, as well as other bulk commodities. It operates 24 hours a day on land leased from the Prince Rupert Port Authority. The terminal has an annual shipping capacity of 12 million tonnes, and the possibility for expansion to 24 million tonnes. The terminal uses a computer-based technology for rail car unloading, product storage, and vessel loading.
~Written by Liz Williams, with files from Chris Armstrong. Story first appeared at www.muskegnews.com
But those plans may be put on hold for the time being if opposition parties defeat the budget in the House of Commons this week, which would trigger an election.
It doesn’t look promising. All three opposition parties have already expressed opposition to the budget, citing shortcomings on a variety of issues. “Overall, it was a net disappointment,” said Skeena-Bulkley Valley MP Nathan Cullen in a teleconference with reporters Tuesday afternoon. “I think an election is definitely on its way.”
A non-confidence motion will be introduced in the House of Commons Friday afternoon (eastern time), which will probably cause the government to fall and trigger an election. The budget bill would die on the floor.
But not everyone wants that to happen. Bud Smith, chair of Ridley, supported the budget, especially its reference to “approval for the borrowing that is critical to our expansion plans.”
In an email to Muskeg News, Smith didn’t say the budget’s defeat would stop expansion at Ridley. But he said the defeat wouldn’t help with expansion.
“Clearly not passing the budget won’t help RTI create its new capacity and add additional jobs that new capacity will bring to Prince Rupert,” Smith wrote.
Smith’s email also said four government ministers are working with Ridley today to try and get the borrowing approved before an election begins. “If their efforts prevail RTI will move ahead as scheduled,” he wrote. “If not then not passing the budget will hurt RTI and all who depend on RTI.”
There is work being done without the help from the budget, however. Smith wrote that engineers are continuing their design work, and the company is also buying a new replacement dumper system, which will be installed this December. Ridley will pay for the dumper through its own cash flow, he wrote.
Ridley Terminals is a Crown Corporation under broad policy direction from the government of Canada. It operates as a commercial entity through revenue received from its shipping activities. Although revenue has been increasing steadily, government contributions of $8.1 million and $1.8 million were provided in 2005 and 2006 when the corporation could not meet its financial operating requirements.
Things appear to be getting better, however. Throughputs at the terminal reached record levels in 2010, and are expected to increase in coming years with continued growth of the coal market.
According to data from the Prince Rupert Port Authority, Ridley shipped over 8 million tonnes of throughput in 2010, most of it coal. And, at the end of January, the terminal signed a contract with Arch Coal, based in St. Louis, to ship at least 2 million tonnes of coal each year until 2015. The Arch contract will contribute to expansion plans that have been in the works for the past few years.
According to a press release from August 2010, RTI is currently undergoing improvements to its facility and equipment to better meet customer demand.
Ridley Terminals ships metallurgical and thermal coal, as well as other bulk commodities. It operates 24 hours a day on land leased from the Prince Rupert Port Authority. The terminal has an annual shipping capacity of 12 million tonnes, and the possibility for expansion to 24 million tonnes. The terminal uses a computer-based technology for rail car unloading, product storage, and vessel loading.
~Written by Liz Williams, with files from Chris Armstrong. Story first appeared at www.muskegnews.com
Friday, March 18, 2011
Federal Government and Prince Rupert Port signs historic agreement with First Nations
Minister of Transport Chuck Strahl visited Prince Rupert on Monday 14th March 2011 to announce an agreement reached between the government of Canada, the Prince Rupert Port Authority, and the Coast Tsimshian (Lax Kw’alaams & Metlakatla) to expand the Fairview container terminal.
“We’re building a foundation for the future,” said Strahl in his remarks in front of about 50 people in the maintenance building at Fairview. “That future involves first nations, and that’s a great thing.”
Strahl and other speakers – including Chief Councillor Harold Leighton of Metlakatla and Chief Councillor Gary Reece of Lax Kw’alaams praised the agreement as contributing to economic growth while recognizing aboriginal title, but they offered few details on what it actually contained.
“This deal brings us certainty that we can do business in partnership with our neighbours,” said Leighton in his remarks to the audience.
According to a backgrounder distributed by the Port, the agreement lasts 40 years and pertains to “consultation and accommodation for potential infringements of aboriginal rights and title arising from the construction and operation of Phase I and Phase II of the Fairview Container Terminal.”
The backgrounder also states there will be payments from the Port and the government of Canada, as well as a transfer of land from the Province to the Coast Tsimshian and a lease-back from the Port. The agreement also features “sole source contracting opportunities for PRPA projects valued at over $20 million.”
Exactly how much money and how much land are at question is unknown except to those involved in the negiotiations. More details may be made public once the agreement is officially signed in a few weeks.
“We’re building a foundation for the future,” said Strahl in his remarks in front of about 50 people in the maintenance building at Fairview. “That future involves first nations, and that’s a great thing.”
Strahl and other speakers – including Chief Councillor Harold Leighton of Metlakatla and Chief Councillor Gary Reece of Lax Kw’alaams praised the agreement as contributing to economic growth while recognizing aboriginal title, but they offered few details on what it actually contained.
“This deal brings us certainty that we can do business in partnership with our neighbours,” said Leighton in his remarks to the audience.
According to a backgrounder distributed by the Port, the agreement lasts 40 years and pertains to “consultation and accommodation for potential infringements of aboriginal rights and title arising from the construction and operation of Phase I and Phase II of the Fairview Container Terminal.”
The backgrounder also states there will be payments from the Port and the government of Canada, as well as a transfer of land from the Province to the Coast Tsimshian and a lease-back from the Port. The agreement also features “sole source contracting opportunities for PRPA projects valued at over $20 million.”
Exactly how much money and how much land are at question is unknown except to those involved in the negiotiations. More details may be made public once the agreement is officially signed in a few weeks.
Thursday, January 20, 2011
TV interview by me giving 2011 market forecast
Cut and paste link below into your browser:
http://link.brightcove.com/services/player/bcpid635367743001?bckey=AQ~~,AAAAFkZm_Lk~,RgNz2P-QnEWnjO-WbPFz7Dy2e8FjBuUq&bclid=626213098001&bctid=739602024001
http://link.brightcove.com/services/player/bcpid635367743001?bckey=AQ~~,AAAAFkZm_Lk~,RgNz2P-QnEWnjO-WbPFz7Dy2e8FjBuUq&bclid=626213098001&bctid=739602024001
Ridley Terminal signs new long term contract
Ridley Terminals today signed an agreement with US –based Arch Coal that will see the facility in Prince Rupert ship two million metric tonnes of coal in 2011 and 2.5 million metric tonnes of coal from 2012 through to 2015.
"RTI's vision is to provide value to its parent company and expand its role as a leading trade gateway between North American and world markets," said George Dorsey, president of Ridley Terminals.
“This agreement is a very important contract for the terminal. Arch Coal's guaranteed U.S. coal volumes will support our goal of doubling our capacity by 2015."
The contract comes just after Ridley Terminals shattered the previous record by shipping almost 8.3 million tonnes in 2010, almost doubling the throughput of 2009
"RTI's vision is to provide value to its parent company and expand its role as a leading trade gateway between North American and world markets," said George Dorsey, president of Ridley Terminals.
“This agreement is a very important contract for the terminal. Arch Coal's guaranteed U.S. coal volumes will support our goal of doubling our capacity by 2015."
The contract comes just after Ridley Terminals shattered the previous record by shipping almost 8.3 million tonnes in 2010, almost doubling the throughput of 2009
2010 population statistics paint picture of growth for Prince Rupert
Reprinted with permission from Muskegnews.com
Over the last few years, as Prince Rupert got kicked around by the economy, the city’s population estimates were frequently revised downwards by word on the street. The official total from the Canadian census is 12,815, but that’s a number from 2006, back when the town was going through a mini-boom. The more pessimistic folks downgraded that total by almost 30 per cent, and argued the town’s population had whittled down to 9,000.
But on January 14, the provincial statistics agency released its official estimate to communities across B.C. In that report, B.C. Stats estimates Rupert’s population in 2010 was 12,994, up one per cent from its 2009 estimate of 12,863.
“It’s good to hear they’re projecting a slight bit of growth,” said Mayor Jack Mussallem.
According to the B.C. Stats report, titled 2010 Sub-Provincial Population Estimates, the numbers are generatd using the “Generalized Estimation System.” And, since it’s an estimate, it may not be completely accurate. For instance, B.C. Stats estimated Rupert’s population to be 13,072; Statistics Canada, through the census, said it was 12,815. Still, that 2006 number is only off by 257 people.
Across the province, the Okanagan Valley saw big drops in its population — Summerland’s dropped by 2.2 per cent, Oliver went down five per cent, and Penticton dropped 0.6 per cent. The biggest population gain happened in Langford, on Vancouver Island, which saw a 6.6 per cent increase. For the most part, though, most of the gains were seen in and around Vancouver: Surrey (3.4 per cent), North Vancouver (3.6 per cent) and New Westminster (2.8 per cent) were among the top ten growth municipalities.
Mussallem credited the growth in shipping and port traffic as reasons for Rupert’s one per cent increase. While the City will not see any practical benefits to the higher number, he said the growth in population may bring more funding from provincial and federal ministries.
With all that, we won’t know the official population until the census is released. The count will happen this May, and the population numbers for communities across Canada will be released in February 2012.
~Written by Chris Armstrong
--------------------------------------------------------------------------------
Population estimates of selected communities in B.C.
Name 2009 estimate 2010 estimate Increase/decrease ( %)
Prince Rupert 12,863 12,994 +1.0
Terrace 11,690 11,931 +2.1
Kitimat 9,238 9,178 -0.6
Masset 930 920 -1.1
Smithers 5,328 5,408 +1.5
Williams Lake 11,104 11,002 -0.9
Dawson Creek 11,529 11,860 +2.9
Fort St. John 19,482 19,873
Over the last few years, as Prince Rupert got kicked around by the economy, the city’s population estimates were frequently revised downwards by word on the street. The official total from the Canadian census is 12,815, but that’s a number from 2006, back when the town was going through a mini-boom. The more pessimistic folks downgraded that total by almost 30 per cent, and argued the town’s population had whittled down to 9,000.
But on January 14, the provincial statistics agency released its official estimate to communities across B.C. In that report, B.C. Stats estimates Rupert’s population in 2010 was 12,994, up one per cent from its 2009 estimate of 12,863.
“It’s good to hear they’re projecting a slight bit of growth,” said Mayor Jack Mussallem.
According to the B.C. Stats report, titled 2010 Sub-Provincial Population Estimates, the numbers are generatd using the “Generalized Estimation System.” And, since it’s an estimate, it may not be completely accurate. For instance, B.C. Stats estimated Rupert’s population to be 13,072; Statistics Canada, through the census, said it was 12,815. Still, that 2006 number is only off by 257 people.
Across the province, the Okanagan Valley saw big drops in its population — Summerland’s dropped by 2.2 per cent, Oliver went down five per cent, and Penticton dropped 0.6 per cent. The biggest population gain happened in Langford, on Vancouver Island, which saw a 6.6 per cent increase. For the most part, though, most of the gains were seen in and around Vancouver: Surrey (3.4 per cent), North Vancouver (3.6 per cent) and New Westminster (2.8 per cent) were among the top ten growth municipalities.
Mussallem credited the growth in shipping and port traffic as reasons for Rupert’s one per cent increase. While the City will not see any practical benefits to the higher number, he said the growth in population may bring more funding from provincial and federal ministries.
With all that, we won’t know the official population until the census is released. The count will happen this May, and the population numbers for communities across Canada will be released in February 2012.
~Written by Chris Armstrong
--------------------------------------------------------------------------------
Population estimates of selected communities in B.C.
Name 2009 estimate 2010 estimate Increase/decrease ( %)
Prince Rupert 12,863 12,994 +1.0
Terrace 11,690 11,931 +2.1
Kitimat 9,238 9,178 -0.6
Masset 930 920 -1.1
Smithers 5,328 5,408 +1.5
Williams Lake 11,104 11,002 -0.9
Dawson Creek 11,529 11,860 +2.9
Fort St. John 19,482 19,873
Monday, January 17, 2011
Mortgage lending rules tightened by Federal Government
The Federal Government today announced three changes to existing rules governing lending criteria for residential real estate;
1. The maximum amortization period is reduced from 35 years to 30 years.
2. The maximum amount of the value of a home that can be re-financed will drop from 90% to 85%.
3. Government insurance will no longer be available to financial institutions wishing to insure home equity lines of credit.
All of these changes are designed to ensure that borrowers do not borrow more than they can repay.
A link to the government announcement is here - http://www.fin.gc.ca/n11/11-003-eng.asp
1. The maximum amortization period is reduced from 35 years to 30 years.
2. The maximum amount of the value of a home that can be re-financed will drop from 90% to 85%.
3. Government insurance will no longer be available to financial institutions wishing to insure home equity lines of credit.
All of these changes are designed to ensure that borrowers do not borrow more than they can repay.
A link to the government announcement is here - http://www.fin.gc.ca/n11/11-003-eng.asp
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