CORNER BROOK, Nfld., (March 4, 2004) — An agreement in principal has been reached between the Port of Corner Brook and Rigel Shipping Canada for a private cargo ferry service between Corner Brook and Belledune, N.B.

The deal — which is expected to become official over the next few weeks –hinges on the divestiture of the port from Transport Canada, the St. John’s Telegram is reporting.

Rigel has already worked out a deal with the Belledune Port Authority, which had been putting pressure on the Shediac Cape, N.B.-based corporation to reach a preliminary deal with the Port of Corner Brook or look for a new site for the service.

The new cargo ferry — expected to set sail for the first time this summer — will accommodate between 100 to 120 tractor-trailers and is expected to make three weekly roundtrips across the Gulf of St. Lawrence.

The due-diligence process required under Transport Canada’s port-divestiture program requires a technical feasibility study, as well as developing a business plan for when the corporation takes it over.

— from The Telegram (St. John’s)