All Waverley sailings scheduled for May, June and July have been cancelled.
The paddle steamer will need extended repairs to the boiler and is currently berthed in Glasgow.
Organisers say they will need to replace a large section of the furnace in one of the boilers, which is estimated to take 12 weeks.
Waverley Excursions General Manager, Paul Semple, stated: "For the past 11 weeks our crew and contractors have been working on the ship’s boilers but the repair has increased in complexity and cost.
"I am aware that many of our passengers will have made arrangements to sail on Waverley and I appreciate that this news will be very disappointing.
"I offer my personal apologies and would like to reassure our supporters that we are doing everything possible to get Waverley back in steam.”
Passengers who have booked for sailings which have been withdrawn will be contacted by Waverley Excursions to rebook or will be offered a refund.
Image from Waverley Excursions Facebook.