The owners of the Cork to Swansea Fastnet ferry service have announced that the service is to cease, with the loss of 78 jobs.
West Cork Tourism Co-Operative Society Limited said it had been unable to raise adequate funds and the examinership of the company had failed.
Earlier this week, the company had asked the three local authorities in Cork and Kerry for additional funding to maintain the service.
In a statement, the company said Fastnet will now be placed in receivership or liquidation depending on the judge's decision.
The statement said there will be expected losses of €30m in direct tourist spending in the Munster region and over €20m in the south Wales region.
