Marine Atlantic is hoping to have a replacement for the oldest ferry in its fleet ready to go by next summer.

Earlier this year, the company issued an RFP looking for an existing vessel that they can lease for five years and replace the 35-year-old Leif Ericson which currently serves commercial traffic.

CEO Murray Hupman describes the market for such vessels as an “interesting space to be in.”

Hupman says they don’t necessarily have “many” options, but there are options available to them. He explains that he can’t reveal much because any talks are commercially sensitive, but they’re not “dead in the water” and are hoping to still be on track to have the new vessel ready for next summer.