Hawaii Superferry Postpones Introduction of Second Ship

October 28, 2008

HONOLULU – Hawaii Superferry today announced that it is postponing the introduction of its second ship and the start of service to the Big Island for approximately one year when the company anticipates the financial and economic climate will be more conducive to starting the new route. The company will continue its current schedule of service between the islands of O‘ahu and Maui with its first ship, the Alakai.
 
“Hawaii Superferry remains committed to serving the people and businesses of Hawai‘i. We’re encouraged by the increased ridership we experienced this summer and by the very positive feedback we’ve been receiving about our service,” said Hawaii Superferry President and CEO Tom Fargo. “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 O’ahu and Maui service.
 
“We believe that our business plan is solid for the long run. Serving the islands, including the Big Island and Kaua‘i, remains our goal and is very important to us. In the meantime, we will continue our focus of providing a reliable and responsible service between Maui and O’ahu and preparations for the arrival of our second ship to ensure its successful launch.”

Hawaii Superferry is 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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Contact: Lori Abe (808) 539-3415
labe@mcneilwilson.com