The operator of the Spirit of Tasmania has revealed it may need to be bailed out by the Tasmanian government, with the cost of new boats and ports pushing it to the brink.

TT-Line confirmed its financial woes today as the new Spirit of Tasmania IV finally arrived in Hobart.

Crowds lined the waterfront to get a glimpse of the boat, which is long overdue.

It’s one of two ships that will replace the existing fleet that have done the Bass Strait crossing for more than two decades.

They’re not only longer and taller but can also accommodate an extra 400 passengers, and have more space for cars, caravans and trucks.

But its journey to Australia has been far from smooth sailing, hailed the biggest infrastructure stuff-up in Tasmania’s history.

The ship is too big for the existing berth in Devonport and the new one is still under construction.

So while Spirit of Tasmania IV has been delivered, it won’t take passengers until the new berth is ready, about October next year.

“We accept that things could have gone far better,” Premier Jeremy Rockliff said.

The new ship will stay in Hobart for the next eight weeks for staff training and to be completely fitted out.

It will then head to Geelong for further testing.

TT-Line then needs to find a location to store it until the new berth is ready.

It’s likely it will be held at a Victorian port while Spirit of Tasmania V will stay in Europe until early next year.

But the cost of new ships and berths, including the recently completed Geelong terminal, has pushed TT-Line to the brink.

“We are working with the state government, particularly with the Treasury around the financial position of the company,” TT-Line chair Ken Kanofski said.

When asked if the company was at risk of going under, Rockliff firmly replied “no”.