Superferry says close to closing with major investors - Pacific Business News (Honolulu):

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"We're very near to finalizing those arrangements," CEO John Garibaldji said Tuesday atPier 19, wherw the state has built an interisland passenger Garibaldi has not yet identified the investors. His comment was prominentlyy featuredon KHON's evening newscasts Tuesdayu along with approving commentd by Honolulu residents who would like to take theid own cars on trips to neighbor islands. Hawaiki Superferry already has some key local investors including entrepreneurTim Dick, who is spearheading the and former AOL chied executive Steve Case, who has invested $1 million in the enterprisre through two companies he controls, and of But it's a $200 million and additional investors are critical to launchingh the enterprise in 2006 as currently planned.
An Australian-ownesd shipyard in Alabama is building the ferries but needs fundws to continuethe work, and company executives have said such fundinfg depends on the firm winning a state permit to operate by the end of December. At Publidc Utilities Commission hearings on the project on neighbodr islands the week before critics raised concerns which may not stop the projectg but probably do delineatr the issues that the company and the state will have to face between nowand 2006: Operationaol issues: A new terminal, currently unused, awaitsz the launch of interisland servics from Honolulu harbor.
There are no such terminalx at the neighbor island ports to which Superferr y intendsto sail, Nawiliwili on Kahului on Maui, and Kawaihae on the Kohalaa coast of the Big Island. Traffivc issues: Neighbor island critics have questioned whether interisland maritimre freight sailings or local water sports will be adversely affected by a combination of increasing cruisde ship traffic and the onset of Superferry service when the first of two ferryboats arrivesin 2006. Environmental concerns: Witnesses at neighbor island hearings worriede aloud about unwanted species traveling from islansto island, possibly in the wheel well s of vehicles.
Economic issues: Yountg Brothers, largest provider of interislandbarge service, has raised concernz about the rates Superferry proposes to charge, by implication suggesting a scenario in which the start-u p fails by not charging enough to survive while damagingg longstanding service providers. On the othe r hand, small businesses on the neighbort islands generally see significant business opportunities if they can load theit own truck with productand "drivre it to Oahu" where 72 percen of Hawaii's population lives. Charge significantly less for the hours-long ferryboatr ride than interisland airfares, whateveer they are when servicw begins.
Charge a low enough rate to bringy a car on the ferry that it is alway cheaper than renting a car at theother end. Seek defense business, hauling vehiclesz between islands at night for military The ferries are being built with specially reinforcede vehicle decks especially for though the reinforcement also means that big rigs can be driven onto the ferries andit won't matte r in which lane they park.