American Classic Voyages' (AMCV) stock continues its plunge, down to a low of $3.90 on May 29, 82 percent off its 52-week high of $21.81. According to A.G. Edwards Senior Leisure Analyst Tim Conder, "The near/intermediate-term challenges ahead of this company are not insurmountable, however, we believe the risk/reward profile has materially deteriorated. Investors will need solid evidence that the company is making substantial progress on both ship construction/delivery and Hawaiian market pricing before considering higher valuations."

And there is still no word from AMCV on just how late the Cape Cod Light will be delivered by Atlantic Marine. To date, all cruises between Aug. 4 and Oct. 27 have been cancelled. Meanwhile, on the Hawaiian front, AMCV has launched an aggressive discounting effort to help fill cabins aboard the Patriot and Independence.