Dropping this model of a Nanaimo to Vancouver fast ferry into the water would be the closest the project has come to launching over the last five years. (Island Ferries Services)

By Spencer Sterritt

fast ferry

Suddenly-pulled funding latest setback for Nanaimo to Vancouver fast ferry

Jun 25, 2019 | 4:58 AM

NANAIMO — Another summer will come and go without an often-promised fast ferry from Nanaimo to Vancouver.

“If this was easy, somebody else would have done it,” David Marshall with Island Ferries Services (IFSL) told NanaimoNewsNOW.

Marshall said all the funding for the fast ferry, which has been in the works since summer 2014, was nearly obtained before disaster struck in April.

“We were frankly set back and disappointed when a second expected source of income didn’t come through,” Marshall said. “That’s obviously set us back and had some complications elsewhere. Had it come through, we’d be running at some point this summer.”

IFSL currently has half of the money needed for the ambitious project. Marshall said they’re now working with two separate entities to replace the lost funding. He couldn’t speak as to who they are talking to.

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The lost funding is the latest setback for the project.

A memorandum of understanding and lease agreement with IFSL and the City of Nanaimo was signed in the summer of 2014. It expired in March, 2015.

Despite Marshall’s claim a final piece of necessary funding was secure in November 2015, Nanaimo council issued an open call for interested ferry operators.

More than a year later, IFSL was found to be the best operator of the service.

After being officially selected, lease negotiations between the ferry operator and the Nanaimo Port Authority moved at a pace Marshall described as “glacially slow.”

At the time, Marshall said ISFL had all the necessary capital required and their principal investor was still in place.

“It’s one step forward, two steps back and then three steps forward and another step forward,” Marshall said.

Currently, all environmental assessments are complete and space in both Nanaimo and Vancouver is as secured as possible.

Work at both terminals and delivery of the ships is still required.

“If we’re going to do this, we’re going to do this right,” Marshall said when asked about the ongoing delays and growing cynicism the project will never see the light of day.

“We’re supported by a large number of people who want this to happen.”

spencer@nanaimonewsnow.com

On Twitter: @spencer_sterrit