B.C. Ferries needs a whopping fare increase to stay afloat: CEO [Video]

The head of BC Ferries admits there is so much demand on the corporation and its fleet that resources are pushed “to their limits,” and a mammoth increase in ticket prices is needed to keep it running.

In a statement to CTV News, CEO Nicolas Jimenez confirmed that current fares are not enough to cover operating costs.

“Our forecast in 2023 was that an approximately 30 per cent fare increase would be needed in 2028 to simply keep up and manage our operating and capital costs, ” read the statement.

 “Since that time, inflation and costs have increased even faster across many aspects of our business and we are facing a growing funding gap as demands on our system increase.”

Vessels are ageing and in desperate need of being replaced.

BC Ferries hopes to have a new ship in the water by 2029, and many more after that, but “it …