The new passenger ferry to the Isles of Scilly may be in harbour ready to take its first passengers over to the islands, but it won't be going anywhere for at least another month. The bright yellow and black catamaran Atlantic Wolff arrived in Cornwall from Portsmouth a week or so ago.

The vessel operated by Scilly Ferries, had been due to undergo its maiden journey to the archipelago 28 miles off the coast of Cornwall on Monday this week (July 22). That had already been pushed back several times and was postponed by a few days, then again by a whole week, to next Tuesday (July 30). Now Atlantic Wolff, nicknamed 'the bumblebee' by company boss James Broughton, will remain at quay for another month while parent company Belfast-shipbuilder Harland & Wolff (H&W) tries to secure its future with a new £200m credit line.

H&W, operator of the Appledore shipyard in north Devon, and builder of the Titanic, has been trying to muscle in on the monopoly held by the Isles of Scilly Steamship Company (IOSSC). The IOSSC operates the Scillonian III ferry from Penzance and Skybus plane service out of Land's End Airport.

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It has also announced its own plans to replace its current vessel with a more modern, comfortable and efficient Scillonian IV.

However H&W has faced financial problems of late, which could jeopardise its whole future and that of its sister company, Scilly Ferries. This week, the Government said it would not bail out the shipbuilder to the tune of £200m with the loan guarantee it had requested as the risk to taxpayers was too great.

In a written statement to Westminster on Monday, business secretary Jonathan Reynolds explained why the government had rejected the request to act as a guarantor on fresh lending sought by the company. He said it had not been an easy decision but there was a "very substantial risk that taxpayer money would be lost".

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Mr Reynolds added: "The Government believes, in this instance, that the market is best placed to resolve the commercial matters faced by Harland and Wolff." Chief executive John Wood has also quit and Russell Downs, an industry expert in refinancing and recapitalisation, has stepped in as interim executive chairman.

Scilly Ferries' CEO James Broughton said the ferry had received its final sign off from the Maritime and Coastguard Agency and was "ready to go". He said he could not comment on when the ferry would start because things from on high had put it on hold for now.

Scilly Ferries added that the most recent postponement was "due to unforeseen reasons" beyond its control. As reported by the BBC, in an email sent to customers it said: "The Atlantic Wolff is now in Newlyn and has successfully undertaken berthing trials both at Penzance quay and St Mary's harbour.

"However, due to unforeseen reasons beyond our, at Scilly Ferries, control we have had to cancel sailings up until the 20th August 2024. At Scilly Ferries, we are incredibly sorry for the inconvenience caused, but we wanted to let you know as soon as possible in the hope that you will be able to make alternative arrangements."

Scilly Ferries said it remained "dedicated to starting the service this season" and apologised for any inconvenience to its customers, especially those who had booked trips that never ran.

Steve Sims, lead member for tourism and the economy on the Isles of Scilly Council, said that while the new service would be a welcome addition for visitors and islanders, it seemed "a little bit futile starting that late in the season".

Mr Broughton said an official media announcement would be made later today (Friday, July 26).