(Image / Island Ferries Services Ltd. Facebook)

An upcoming Nanaimo to Vancouver high-speed passenger ferry that was expected to begin operations in summer 2019 has been delayed, according to Island Ferries Services Ltd.

While funding for the ferry service project had been going smoothly, an unexpected cancellation from a major investor has set the company back, according to a Facebook post by Island Ferries on Tuesday.

“…we’re disappointed to confirm that we won’t be starting this summer, but we remain committed to getting going!” reads the statement.

See also: Preliminary study outlines plan for ferry service between the West Shore and Victoria

According to Island Ferries, a significant portion of funding had been secured back in April 2019, and since then construction of the ships has begun, lease or license Term Sheets for both terminals in Nanaimo and Vancouver had been agreed upon, and all required environmental assessment and permits had been cleared through the Vancouver Fraser Port Authority.

“In April 2019, we secured a substantial portion of the funding required to complete our financing,” said Island Ferries. “This was great news.”

“However, we were also set back when one highly-expected source of funding did not come through. In order to respect the parties involved, we are not going to identify either of the two parties – the one going ahead and the one that, frankly, disappointed us.”

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While the Island Ferries looks for new investment partners the company says that it is still very much active.

Despite only a portion of the financing being secured, the company is still building the terminals in both Nanaimo and Vancouver.

The service won’t launch in Summer 2019, but commuters from the island can still expect to see this new high-speed route open eventually.

“As soon as the one remaining (and smaller) financial commitment [is resolved], we will be in a position to announce a firm start date.”

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