for ort of Vancouver Repair business would go to Seattle or Victoria without N. Van facility IN THIS instalment of a series profiling North Vancouver water- front industries, the North Shore News takes a look at the opera- tions of the Vancouver Drydock Company. By Surj Rattan News Reporter IT STICKS out like a sore thumb in busy Burrard Inlet. It is the huge Panamax floating drydock located just east of the now-abandoned Versatile Pacific Shipyards Inc. (VPSI) site on the North Vancouver City waterfront. ‘While the drydock, the largest of its kind on the B.C. coast, was once owned by VPSI, ‘and its Toronto-based parent company Shieldings Inc., it is now owned and operated by a consortium consisting of two North . Van- couver .shipyards: Vancouver Shipyards Co, Ltd. and Allied Shipbuilders. Shieldings had put the drydock _ on the world market after VPSI yan into major financial dif- ficulties. It. had hoped to sell the drydock in order to make good on some of its outstanding debts. But with the help of the Van- couver Port Corp. (VPC),. ship- yard unions and the provincial government, a consortium was formed to take over the opera- tions of the huge Panamax drydock. The drydock is 48 metres in . length. between wing walls, 240 . Metres long with an apron, and can lift a maximum of 36,000 dead weight tonnes. The dock ‘was originally built in - Japan and later came to Van- couver, in .198]. through the Panama Canal, which is how it got its name. . Marcus Davidson, drydock su- “perintendent for the Vancouver Drydock Co., said Vancouver Shipyards is the principal operator of the dock. **Vancouver Shipyards takes the lead in marketing the drydock with the assistance of Allied. ; “‘All new construction is per- formed at Vancouver Shipyards _ and this (drydock) facility is: used for repairs,’’ said Davidson. The facility has also proved to be a major money-maker for the City of North - Vancouver. . in 1992, the Vancouver Drydock Co. paid the city $200,000: in FREE BROCHURE Income received in the form of f dividends from Canadian Corporations is given preferen- tial tax treatment by Revenue 7 Canada. By investing in high 1 quality bank preferred shares f you can earn @ steady, secure “Wl interest equivalent income of B over 9%. : ' Call today to receive your complimentary brochure. John Nelson _ 661-7490 *Rates Subject to Change ScotiaMcLeod Tranted seewssnart atone ence (R2F municipal taxes,- in addition to paying the Vancouver Port Corp. waterlot fees. Davidson said he expects the drydock to become financially profitable in the next few years. In 1992, he said, the company managed to achieve a 60% oc- cupancy rate for the drvdock. He added that it is vital for the Port of Vancouver to keep the drydock and refers to business the drydock securcd that would have gone elsewhere if the facility was not here. “In January, the Star Derby Pemberton (freighter) collided with a pier on~ the other side of the harbor. She wasn't seaworthy after that colli- sion. The fact that we were here allowed for the repairs to be made here,’’ said Davidson. He points to another incident last year. A freighter berthed at the Lynnterm forest products terminal in North Vancouver began cracking. The vessel was then able to dock at the Panamax drydock for repairs. Davidson said if the drydock had not been in the port, that vessel would probably have gone to Victoria or Seattle. While Davidson said the Van- couver Drydock. Co. did better than forecast in 1992, the consor- tium company still lost money. He does not anticipate the local firm breaking even until 1994 or 1995. “If we can maintain our volume ‘then we should be able to meet our goals,’’ said Davidson. Brian Lee used to work next door at Versatile for 12% years before the company filed for bankruptcy. Eighteen of his 19 working years have been spent on the North Shore. The North Vancouver resident is now working for the Vancouver Drydock Co. : The future of the Versatife lands remains unclear. While some have suggested the area be used for residential and commercial purposes, others maintain the property should be left industrial. Lee is one of those who would like to see continued industrial use [=] NORTH SHORE ir CREDIT UNION Burrard Inlet NEWS phoio Mike Wakelletd THREE MEMBERS of Vancouver Drydock Co. look over the underside of the BC Ferry Corp. vessel Queen of Surrey, which was in for repairs at the North Vancouver-based facility. would like to see some industry people at the Lonsdale Quay for use,'’ said Lee. $5 an hour. That’s not in my “We don’t need anymore jobs future. These (industrial) jobs are selling ice cream to the beautiful where the money is at.’* of the site. “There (are) a lot of jebs at stake here. I’d sure hate to see condominiums go up there. | Feild inyour Community NNUAL GENERAL MEETING 'Members and Guests Welcome 42 convenient locations 4 Tuesday, April 27, 1993 [ } a SS your Directors and staff. Phil Keller . Chief Executive Officer SEE YOU THERE! | Whistler Conference Centre 14010 Whistler Way Are you a North Shore Credit Union member? You’re invited to attend the Annual Genera! 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