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Circle Line acquires New York Water Taxi

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The business deal will allow the struggling New York Water Taxi to remain in business

Flickr/drpavloff

The financially strapped New York Water Taxi will avoid having to shut down and gets to remain in business thanks to a new deal with New York Cruise Lines (h/t New York Post).

Facing the pressure of having to compete with the forthcoming Citywide Ferry system in summer 2017 and its fares of $2.75, the company would have more than likely gone out of business if it weren’t for the recent acquisition, reports WorkBoat.

“By joining New York Cruise Lines, New York Water Taxi can continue playing a role in providing every resident and visitor high-quality ferry service in an unforgettable city,” said New York Water Taxi co-president Helena Durst.

The iconic yellow and black taxis will continue to operate independently on their current routes to the Statue of Liberty, the Ikea in Red Hook, and to various points along the West Side.

Mayor Bill de Blasio overlooked the New York Water Taxi to operate the city’s ferry system, opting for California-based company Hornblower instead. The 19 vessels that will make up the new transportation system are currently being constructed and could debut as soon as summer 2017.