Finance committee  No, there are not a lot. There are a few specialized carriers that are buying new ships. However, some of the companies, like container people, are trying to find employment for the ships they have. There has been a huge increase in the number of ships that have come out of shipyards in the last two years, and the market has died.

Finance committee  Absolutely. To look at building new ships, yes. In fact, the coast guard said in its 2009 review that the cost of replacement has doubled from $5 billion to $10 billion, its whole fleet. I'd say that cost would be down now because of the marketplace. People have stopped ordering ships, so it's a prime time.

Finance committee  Merci. Thank you. Mr. Chair, distinguished members of the House standing committee, thank you for providing us the opportunity today to participate in this committee's hearings on the 2009 budget consultations. My name is Michael Broad, and I am president of the Shipping Federation of Canada.