YARMOUTH, Nova Scotia – The high-speed Cat ferry service may leave Yarmouth if a second ferry terminal is built exclusively for Scotia Prince Cruises, says the president of Bay Ferries Ltd.

Mitch McLean issued the warning at a Chamber of Commerce dinner held in Yarmouth last week.

The two ferry companies are at odds over the use of Yarmouth’s only ferry terminal.

Both companies operate ships between Yarmouth and Maine.

Bay Ferries, which leases the terminal from Transport Canada and in turn charges Scotia Prince a fee for services, wants a 5 percent increase on the yearly $575,000 bill.

Scotia Prince has balked at the increase and has indicated it wants another terminal built for its operations.

Robert Thibault, a member of Parliament, has said in the past that a new terminal is unlikely and would not be economically viable.

The dispute has drawn the attention of Canada’s federal government. Earlier this month, Transport Canada Minister David Collenette appointed a mediator to bring the two ferry companies together.

McLean said if Scotia decides to leave over the disagreement, Bay Ferries could operate both runs with high-speed ferries.

Officials with Scotia Prince could not be reached for comment over the weekend.

Bay Ferries operates the high-speed Cat to Bar Harbor, Maine, a trip that takes about two hours and 45 minutes. Scotia Prince runs a traditional ferry service to Portland, Maine, which takes about 12 hours.

The Cat ferry, a 900-passenger catamaran that can carry 240 vehicles, can travel at 55 mph and is described as the fastest in North America. Speeds are reduced closer to shore.

Portland has plans for a multimillion-dollar cruise ship terminal for the Scotia Prince and other large vessels.