American Safari Cruises said it would defer entry into the Hawaii interisland cruise market until the capital funding markets and the overall U.S. economy improve.
The line's inaugural Hawaii cruise season was scheduled to launch on Dec. 19.
Despite a positive response from consumers and travel agents to its Hawaii expansion, the dramatic downturn in the capital markets, plus escalating fuel costs and higher air fares, called for a postponement, said the line.
"It's the wise and prudent thing to do," said American Safari Cruises CEO in a statement. "We plan to inaugurate our Hawaii cruises when liquidity returns to the capital markets."
Passengers booked on Hawaii cruises will receive full refunds, a 15% savings on a future cruise and allowances for air ticketing.