The machinery consists of four MTU engines with a total output of 4 x 8,200 kW (44,595 HP) allowing a maximum service speed of 45 knots (83 km/h).

A high-speed ferry service between the two ports was discussed and spearheaded by local politicians and business leaders, primarily in upstate New York, beginning in the 1990s and continuing until the early 2000s.

A group of investors formed a U.S. company named Canadian American Transportation Systems (CATS) which then entered into a contract to build Spirit of Ontario I with Austal in 2003.

The vessel left Perth on February 17, 2004, crossing the Pacific Ocean and transiting the Panama Canal, reaching New York City on April 1, 2004.

The service initially had relatively low ridership due to the uncertainties over start-up earlier in the spring and from poor marketing and lack of highway signage in Toronto.

Contributing factors to the ferry company's financial difficulties were reported to be: CATS declared bankruptcy in the fall of 2004 and Spirit of Ontario I was seized by the United States Marshals Service for resale to pay creditors.

The facility is located adjacent to the now-dismantled temporary terminal at the Cherry Street slip in Toronto's inner harbour.

Rochester Ferry Company LLC was successful in financing this bid through a loan from the Australian federal government.

Rochester Ferry Company LLC also committed to reflagging Spirit of Ontario I from the Bahamas to the United States, in order to avoid paying the expensive pilotage fees accorded to non-US or Canadian registered vessels on the Great Lakes.

On May 2, 2006, the city corporation announced that a British company named Euroferries Limited was purchasing the vessel for use on a cross-channel service.

Following repairs and inspections, Spirit of Ontario I continued to Shelburne in February 2007 where the vessel was docked pending sale negotiations.

The vessel was sold in April 2007 to the German company Förde Reederei Seetouristik (FRC) for its ferry service between Tarifa, Spain and Tangiers, Morocco.

In 2017 the Venezuelan government attempted to sell the ferry through the broker Unlimited Maritime Solutions, but failed to reach an agreement with any potential buyers.