The ferry link between Cork and Swansea is to end with the loss of 78 jobs.
The announcement has been made by the West Cork Tourism Co-Operative Society Limited who are the owners of the Fastnet Line.
The ferry service will be placed in receivership or liquidation later today.
It comes after an examiner was appointed to the operating company last year.
The MV Julia has been berthed in Cork city centre since then.
The ferry service is worth around €30 million to the South-West.
The 2 local authorities in Cork had pledged €300,000 to save the ferry link.
However a further €1 million was needed from State agencies.
The ferry service had already carried 153,000 passengers before running into financial trouble.
Chairman of the West Cork Co-operative Society Noel Murphy says the news will come as a heavy blow.
