December 11, 2004

Ferry companies to propose NY Waterway bailout

New York Water Taxi and three other ferry companies will present a plan next week to take over the routes of NY Waterway, the area's dominant but financially crippled player, the New York Times reports. NY Water Taxi would manage the dock at World Financial Center and provide service from service from there and the Pier 11 at the South Street Seaport to Hoboken and Jersey City. The Circle Line companies would provide service from Weehawken to West 38th Street in Manhattan, the World Financial Center and Pier 11. SeaStreak America is the fourth service said to be involved in the plan.

However, the plan calls for concessions from J. P. Morgan Chase, which holds a $20 million defaulted loan to NY Waterway, and a waiving of fees by the owners of the terminals and docks along the river. The Port Authority has refused to reduce fees it charges New York Waterway, New Jersey state officials have shot down a bail-out plan and NY1 reported that New York City Mayor Mike Bloomberg said he refuses to consider a subsidy, adding that the city is already spending $100 million for a new Westside ferry terminal.

Earlier: NY Waterway says it may close anyday now
NY Waterway seeks paddle, faces 'cash flow issues'
Water Taxi speed bumps

December 11, 2004 07:21 AM in Transportology

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