Investor Relations

In 2003, BC Ferries established itself as a commercial company with the ability to raise funding in Canadian bond markets. BC Ferries represents a unique infrastructure investment opportunity for bond investors.
 
  • Essential transport service/link
  • Tested light-handed regulatory framework
  • Strong competitive position
  • Planned and achievable asset renewal program
  • Financial integrity


BC Ferries ownership structure

B.C. Ferry Authority (BCFA)
 
  • Holds the single voting common share in BC Ferries
  • BCFA is an independent, no-share capital corporation created under the Coastal Ferry Act, BC
Province of British Columbia
 
  • Owns 75,477 non-voting 8% cumulative preferred shares of BC Ferries
  • Each share has a par value of $1,000, and no voting interest in BCFA or BC Ferries

Notifications 

December 23, 2024 - Bondholder Discussions Commenced

Calendar of upcoming events

View calendar
Week of August 12, 2024First Quarter 2025 Earnings Release
August 15, 2024Annual Public Meeting
Week of November 18, 2024Second Quarter 2025 Earnings Release
Week of February 10, 2025Third Quarter 2025 Earnings Release
Week of June 9, 2025Fourth Quarter 2025 Earnings Release

Frequently asked questions

Find the answers to questions frequently asked by potential investors
Corporate information

Q: How can I learn more about the Executive Team, the current Board of Directors and governance?
A: View our Leadership page

Q: Where can I learn more about BC Ferries’ fleet?
A: The company website includes information on the current fleet and upcoming or ongoing plans related to fleet renewal and terminal projects.

Q: How can I keep up-to-date on company progress and significant events?
A: You can elect any of the following options to receive updates on BC Ferries:
Capital markets information

Q: When does BC Ferries announce their financial results?
A: See the Calendar of Upcoming Events section on this page.

Q: When is BC Ferries' fiscal year end?
A: Fiscal year ends March 31st.

Q: What are BC Ferries’ credit ratings?
A: A: See the Debt Information section on this page.

Q: How do I access BC Ferries’ regulatory filings?
A: To access BC Ferries' regulatory filings visit the SEDAR website.

Q: Can I buy BC Ferries’ stock?
A: BC Ferries does not have publicly traded stock. The B.C. Ferry Authority (“BCFA”) holds the single voting common share in BC Ferries. The Province of British Columbia owns 75,477 non-voting 8% cumulative preferred shares of BC Ferries (each with a par value of $1,000), but has no voting interest in either the BCFA or BC Ferries.

Q: Does BC Ferries have securities which are available to the public and how do I make an investment?
A: BC Ferries currently has seven series of Senior Secured Bonds outstanding. As publicly traded instruments, the public is permitted to purchase these securities, however, like many corporate bonds, they have been sold to institutional investors and BC Ferries’ bonds may be difficult to purchase in the secondary market through retail brokers.

Annual reports

For fiscal years ending 2020 through 2024
PDF 532 KB | 60 pages
PDF 750 KB | 58 pages
PDF 1,016 KB | 107 pages
PDF 2,611 KB | 80 pages
PDF 5,480 KB | 120 pages

Quarterly reports 

Fiscal year ending March 31, 2025
Quarter 2, September 30, 2024
PDF 177 KB | 21 pages

Quarter 1, June 30, 2024
PDF 445 KB | 21 pages

Fiscal year ending March 31, 2024 
Quarter 4, March 31, 2024
PDF 905 KB | 53 pages

Quarter 3, December 31, 2023 
PDF 188 KB | 22 pages

Quarter 2, September 30, 2023
PDF 454 KB | 22 pages
 
Quarter 1, June 30, 2023
PDF 216 KB | 23 pages

Fiscal year ending March 31, 2023
Quarter 4, March 31, 2023
PDF 917 KB | 55 pages

Quarter 3, December 31, 2022 
PDF 211 KB | 25 pages

Quarter 2, September 30, 2022
PDF 457 KB | 23 pages
 
Quarter 1, June 30, 2022
PDF 198 KB | 23 pages

Fiscal year ending March 31, 2022 
Quarter 4, March 31, 2022
PDF 306 KB | 53 pages

Quarter 3, December 31, 2021 
PDF 374 KB | 23 pages

Quarter 2, September 30, 2021
PDF 342 KB | 23 pages
 
Quarter 1, June 30, 2021 
PDF 193 KB | 23 pages

Fiscal year ending March 31, 2021
Quarter 4, March 31, 2021
PDF 411 KB | 54 pages

Quarter 3, December 31, 2020
PDF 170 KB | 23 pages

Quarter 2, September 30, 2020
PDF 181 KB | 22 pages

Quarter 1, June 30, 2020
PDF 127KB | 22 pages

Fiscal year ending March 31, 2020
Year end results, March 31, 2020
PDF 356 KB | 53 pages

Quarter 3, December 31, 2019
PDF 459 KB | 22 pages

Quarter 2, September 30, 2019
PDF 186 KB | 21 pages

Quarter 1, June 30, 2019
PDF 174 KB | 28 pages

Reports and plans

Performance and sustainability reports
Clean Futures plan
BC Ferries' plan to minimize our impact on the coastal environment.
 
PDF 711 KB | 11 pages
PDF 1 MB | 16 pages
Additional resources
View our Policies, Plans and Reports

Find information about our Annual General Meeting
 

Presentations

View presentations

Debt information

View debt information

Credit ratings

Agency: Standard & Poor’s
Long-term debt rating: A+
Outlook: Stable
Last update: November 2024

Agency: DBRS
Long-term debt rating: A (high)
Trend: Stable
Last update: February 2024
 

Bond issues

Instrument: Senior secured bonds
Amount ($ millions): 250
Coupon: 6.25
Tenor: 30 years
Maturity date: October 13, 2034
Currency: CAD

Instrument: Senior secured bonds
Amount ($ millions): 250
Coupon: 5.021
Tenor: 30 years
Maturity date: March 20, 2037
Currency: CAD

Instrument: Senior secured bonds
Amount ($ millions): 200
Coupon: 5.581
Tenor: 30 years
Maturity date: January 11, 2038
Currency: CAD

Instrument: Senior secured bonds
Amount ($ millions): 200
Coupon: 4.702
Tenor: 30 years
Maturity date: October 23, 2043
Currency: CAD

Instrument: Senior secured bonds
Amount ($ millions):200
Coupon: 4.289
Tenor: 30 years
Maturity date: April 28, 2044
Currency: CAD

Instrument: Senior secured bonds
Amount ($ millions):250
Coupon: 2.794
Tenor: 30 years
Maturity date: October 15, 2049
Currency: CAD

Instrument: Senior secured bonds
Amount ($ millions): 75
Coupon: 2.474
Tenor: 25 years
Maturity date: March 27, 2049
Currency: CAD
 

Credit facility

BC Ferries has a $105 million 4-year revolving credit facility with a syndicate of Canadian banks, maturing April 2028.

Other loans:
  • In 2015, BC Ferries entered into a $135 million loan agreement with KfW IPEX-Bank. These funds were released in 2016 and 2017 coinciding with the conditional acceptance of the three Salish Class vessels.


Prospectuses


6.25% Senior secured bonds, Series 04-4, due Oct. 13, 2034 (published Oct. 5, 2004)
 
PDF 437 KB | 106 pages
PDF 586 KB | 107 pages


Master trust indenture

PDF 540 KB | 148 pages

Useful links

SEDAR
British Columbia Ferry Commission
B.C. Ferry Authority
Standard & Poor’s
DBRS
Executive compensation disclosure report
View current news releases
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Head Office    
Suite 500 - 1321 Blanshard Street    
Victoria, BC V8W 0B7

Email investor.relations@bcferries.com

Forward-looking statements

Documents placed on this website may contain certain forward-looking statements that relate to future events or performance. These forward-looking statements are based upon management's expectations and assumptions, and BC Ferries believes that it has a reasonable basis for making such forward-looking statements.

These forward-looking statements are made as of the date of the document in which they are contained, and are based upon information then available. If management's expectations and assumptions prove to be incorrect, or factors change, then actual results could differ materially from the forward-looking information contained in such documents.

In addition, forward-looking statements, by their nature, involve risks and uncertainties that could cause actual results to differ materially from those anticipated. The risks and uncertainties include those associated with a marine transportation business and successfully carrying out major capital expenditure projects with respect to:  
  • Our vessel and terminal infrastructure
  • Risks related to operating in a highly regulated industry
  • Risks related to future traffic levels and resulting tariff revenue
  • Other risks described in our annual management’s discussion and analysis
Consequently, readers are cautioned not to place undue reliance on forward-looking statements.

Disclaimer

The opinions, estimates or forecasts made by rating agencies or analysts about BC Ferries do not represent the opinions, estimates or forecasts of BC Ferries itself. BC Ferries does not endorse or concur with such opinions, estimates or forecasts, or with any recommendations made by analysts.
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