The sinking local economy has taken another victim.

The Hawaii Superferry announced today it is delaying the launch of its second ship and the start of service to the Big Island for about one year while the company waits for a better economic climate to start the new route.

"Postponing the introduction of our second ship will defer over $10 million in start-up costs and enable us to maintain our sound financial position. Given today's economic uncertainties, this decision is both prudent and provides us with additional time to develop this market, while continuing to grow our successful Oahu and Maui service," said Hawaii Superferry President & CEO Tom Fargo.

The company will continue its current schedule between Oahu and Maui with its first ship, the Alakai.

Hawaii Superferry is still anticipating delivery of the second ship in Mobile, Alabama from shipbuilder Austal USA in late February 2009. The company will look at short-term opportunities for use of the ship prior to its induction into service in the islands.

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