The famous Waverley Paddle Steamer will not operate its annual sailings for the first time in 45 years.
The boat has been taken out of service due to ongoing boiler issues.
It has been concluded the boilers must be replaced if the Waverly is to sail again in 2020.
General manager Paul Semple said: “The whole Waverley team is deeply disappointed that we are unable to repair the ship’s boilers and operate this season despite every effort being made to overcome the challenges presented.
“I know first-hand the fondness that the general public have for Waverley and I know this news will be disappointing for the tens of thousands of passengers who would have sailed with us this year around the U.K.
“The registered charity which owns Waverley will shortly launch an appeal to save the ship and ensure she sails again.
“The cost of the required works is significant but if every passenger who would have sailed this year was able to donate the cost of a ticket towards the appeal then we will be able to return Waverley to steam next year.
“More than ever we need support to preserve this iconic vessel as the last sea-going paddle steamer in the world.”
The Waverley is said to have contributed to £5.6m to the UK economy.