THE Halifax Port Authority has received an upgraded credit rating of A+ from Standard and Poor's because it operates from a diversified revenue base generating strong and consistent cash flow, reports the American Journal or Transportation.
"We see this upgraded credit rating of A+ from Standard & Poor’s as confirmation of the strength of that cash flow,?said Halifax Port Authority vice president Paul MacIsaac.
"Halifax remains committed to working with our partners to increase cargo volumes moving through the port as we enhance our cruise business and utilise land holdings for Nova Scotians and all Canadians.?
Since 2011, over C$100 million (US$91 million) has been invested into port facilities including infrastructure upgrades at both container terminals and the Richmond Terminals project which is nearing completion.
There also speculation that Halifax stands to benefit from the imposition of costly low sulphur fuel (US$100 vs $600 per tonne) rules from January that will govern shipping in North American and northern European waters.
This makes the Port of Montreal unattractive because of the need to burn costly low sulphur fuel for the 1,000-mile from Newfoundland's eco zone up the St Lawrence River, not to mention reducing the use of the St Lawrence Seaway and Great Lakes ports beyond.
Once the UN's International Maritime Organisation (IMO) rules take old, cheap bunker can only be burnt out to sea until to Halifax eco-zone on Canada's the far eastern shores.
Contacted by the Hong Kong Shipping Gazette, the Port of Halifax declined comment on the potential windfall.
PORTS
01 September 2014 - 18:41
Halifax Port wins an upgraded credit rating of A+ from Standard & Poor's
THE Halifax Port Authority has received an upgraded credit rating of A+ from Standard and Poor's because it operates from a diversified revenue base generating strong and consistent cash flow, reports the American Journal or Transportation.
PORTS
01 September 2014 - 18:41
Halifax Port wins an upgraded credit rating of A+ from Standard & Poor’s
This news 8626 hits received.
These news may also interest you