The ferry operates between Belfast and Troon in Scotland
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Almost 70 jobs are under threat at the SeaCat ferry operation in Belfast.
In a statement issued on Monday, the company said it was talking to staff unions about changes to the service to Troon in Scotland next year.
Management at the company want to change it from a 10 month to an eight month a year operation in an effort to boost profits.
This could result in 68 people losing their jobs.
Seacat has found its business squeezed by other ferry companies and a growing number of low cost airline routes has also had an effect on passenger numbers.
John Burrows - chief operating manager of Seacat - said the service had been running at a loss for years.
"Like any business or even your household budget, if you continue to lose money over a long period of time it is unsustainable," he said.
"You can do it for one season and you can look forward but the situation has got to the state now where we have to take some action or we would lose the whole operation."
However, union spokesman Gerry Doherty said there was no need for redundancies.
"It is disappointing that it seems to be a done deal to us," he said.
"When they have already said they have numbers in mind then obviously they are somewhere down the line that is a concern for us.
"But we will enter into any meaningful negotiations with the company to try and mitigate as far as we can the excesses of this."
The company is expected to make a final decision in a month's time - but it seems likely that jobs will go.