The replacement ferry for the Princess of Acadia has been in the Maritimes for over a month, but the completion date for the boats extensive refit is still in question.

The new ferry arrived in the Bay of Fundy on Dec. 2, purchased from a Greek company at the cost of $45 million.

Over the past eight years, Ottawa has also spent $38 million to keep the service going. Millions more have been invested by Nova Scotia and New Brunswick.

Supporters argue it is money well spent.

“It is certainly something that contributes to the Canadian economy in a big, big way, contributes to the Atlantic economy in an unbelievable way,” says Saint John MP Rodney Weston. “This is not something we'd be looking at cutting back on at this point in time.”

The ship is currently in Halifax, waiting for a major engine overhaul.

“And then there's other modifications that need to be made to get the ship to fit into the docks and meet the latest Canadian safety regulations,” says Danny Bartlett of Bay Ferries.

Transport Canada says the refit has yet to go to tender, so the budget for the work that is still needed is being kept confidential.

No one in government is offering any guarantees at this point, but planning is underway under the assumption that the new ferry will be in service between New Brunswick and Nova Scotia this summer.   People in the tourism business, on both sides of the Bay of Fundy, see an opportunity to make the most of the first summer with a new ferry.

“You know, a retro-fitted ferry, beautiful by all accounts, and it gives us an opportunity in Saint John to take advantage of the new service and offer a product to surround it,” says Hospitality Saint John president Mike Belliveau.

For now, the boat is called Canada 2014, however, Transport Canada launched a contest Wednesday to rename the ship. Suggestions can be made on line or at either ferry terminal.

With files from CTV Atlantic's Mike Cameron