The service was sold by Lion Ferry in 1982 to Baron Stig Leuhusen who established Prince of Fundy Cruises as a subsidiary of Panamanian-based Transworld Steamship Company.

In 1983, the other Yarmouth ferry operator, CN Marine, began using a sistership M/V Bluenose II (ex-M/S Stena Jutlandica) on its Bar Harbor crossing.

In 1997, CN Marine's successor (government-owned and subsidized) Marine Atlantic Yarmouth-Bar Harbor service was privatized by the government and taken over, along with the M/V Bluenose, by Northumberland Ferries Limited which established a subsidiary service named Bay Ferries Limited.

Based on toxicological and remediation reports and NIOSH's comments on the then current state of the IMT and the likelihood that the building could not be made safe, SPC cancelled its 2005 season.

However, the underlying structural defects of the building have not been addressed, resulting in a high likelihood of continued microbial growth".

Following Hurricane Katrina, the Federal Emergency Management Agency chartered the vessel in mid-September 2005 for 6 months as a floating hotel for victims made homeless from that natural disaster.

In late September 2005 it was announced that Bay Ferries Limited would begin offering high-speed service from Yarmouth-Portland in 2006 using HSC INCAT 059.

For a short time, it ran in the winter from Tampa, Florida, to Mérida, Mexico, and to Puerto Moreles near Cancún.

The vessel's first overnight sea crossing was on 11 June 2011, from Thoothukudi to Colombo harbour, which will be its standard route, taking 14 hours.