A long-term lease agreement has been established for a passenger-only fast ferry linking Nanaimo and Vancouver. A portion of the Nanaimo Port Authority's administration building will be used for the pending ferry operation. (Heydemann Art of Photography)

By Ian Holmes

Done deal

Long term deal announced for Nanaimo to Vancouver passenger ferry service

Sep 16, 2021 | 10:38 AM

NANAIMO — The Nanaimo Port Authority and Snuneymuxw First Nation revealed a landmark deal with a private company for a high speed passenger-only ferry linking downtown Nanaimo and downtown Vancouver.

A joint news release from SFN and the Port Authority announced a long term lease agreement with Conqora Capital Partners to provide the service. The 20-year lease includes access to the Nanaimo Assembly Wharf, welcome terminals, parking and passenger connectivity areas.

While Toronto-based private equity firm Conqora Capital Partners CEO and founder Rupesh Amin said it’s not known when the crossings could start, he said final procedural requirements are being ironed out.

“We’re close to being operational,” Amin told NanaimoNewsNOW, noting their company has examined a potential passenger-only fast ferry along the route for the past few years.

Amin said he’s aware of skepticism people may have about this type of service given past unsuccessful attempts.

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He said prior passenger-only ferry ventures linking Nanaimo with Vancouver missed several important components, including being too thinly funded and having severe issues with their vessels.

“The opportunities haven’t failed because the demand isn’t there, the demand has always been there, even on those previous services,” Amin said. “It has typically been one of those other points that I just raised as to why services haven’t been able to be successful.”

Conqora Capital Partners has more than 20 years experience designing, building and maintaining large complex infrastructure projects around North America, including transportation initiatives, Amin said.

The Nanaimo to Vancouver fast ferry project is completely privately funded by Conqora and their investment partners who understand it will take time to stabilize the business in order to successfully run for many years, Amin said.

“That’s all part of what we build into our overall due diligence and understanding of the risk of the project and understand how we finance the project and the investors we bring in,” Amin said. “They are all partners that have a long-term investment horizon.”

All of the necessary contracts to operate the service are signed, Amin said.

He said details about how the service will operate, the vessels involved and when it will begin are expected to be announced in the near future.

SFN chief Mike Wyse applauded the announcement, stating the it will have multiple benefits.

“Our Nation is delighted to announce our tripartite partnership that brings the long awaited fast-passenger ferry to our region. We always must be mindful that the Snuneymuxw Treaty of 1854 protects and preserves Snuneymuxw lands and waters, and enables trade and commerce in our territory,” chief Wyse stated.

Nanaimo Port Authority president Ian Marr called the pending ferry operation an extremely positive development for Nanaimo.

He said space will be available for the ferry on the back side of their cruise ship dock, while ferry riders will use the existing waiting area used by Helijet and cruise ship passengers.

“We have the space available and ready to utilize. It works in that area, it compliments other business, it doesn’t contradict it and allows us to expand the facility,” Marr said.

Efforts for several years by a different company failed to launch a downtown to downtown service. Prior proponent Island Ferries Services has no involvement with the venture by Conqora Capital Partners.

A short-lived passenger only ferry last operated between Nanaimo and Vancouver in 2006.

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ian@nanaimonewsnow.com

On Twitter: @reporterholmes