In terms of financing and infrastructure, Canadians are unable to justify new construction. The period available to amortize a loan is not sufficient. In the U.S., the government guarantees 87 percent financing for American-owned ships. The Canadian industry needs this type of help if it is to be competitive. Cost reductions and improved productivity are crucial to competitiveness.
Many costs are beyond the control of the industry.
User charges and politically motivated regulatory decisions weigh down the industry. Government has unloaded some costs, but there is a need for a meaningful study to determine whether costs have been reduced or simply unloaded to others. Shipping is an overly regulated industry that must report to both Transport Canada and Fisheries and Oceans Canada. The industry needs a champion in the government if shipping is to once again become an important part of the transportation grid. The industry will be a generator of direct and indirect jobs, an investor in Canadian companies and communities, a facilitator for trade and cargo and a catalyst for travel and tourism.