Post 9/11 Cross-Hudson PATH line closed NY Waterway increases service with Federal assistance –16 new vessels –$20 million debt guaranteed by Federal Gov’t PATH re-opens in 2004 NY Waterway traffic plummets – bankruptcy ?
Rescue Proposals NJ Hudson County - $38 m package Other private operators NYWW suggests takeover by Port Authority
The Solution BillyBey Ferry Company (William Wachtel) acquired half of NYWW for $20m Monthly docking fees: $50,000 down to $10,000 BillyBey Ferry contracts NYWW to run the service William Watchel: redeveloping Pier A at Battery Park Other operators – no public tender
Europe Gov’t owned ferry operations – a thing of the past Emphasis on competition policy and public tendering 5-10 year contracts for subsidized services A solution for North America?
Conclusion No Silver Bullets Broadening your horizons