PORTLAND – The owner of a high-speed ferry line wants to bring a 300-foot catamaran to Portland to offer tourists a faster ride to Nova Scotia than the traditional overnight cruise aboard the Scotia Prince.

Bay Ferries Ltd. wants to expand south from Bar Harbor as soon as the city opens up pier space for its catamaran, said Mark MacDonald, president of the Prince Edward Island-based company.

But the Scotia Prince operator is urging the city to stick to an agreement to keep it the city’s only ferry to Yarmouth, and some city councilors have said they worry the market may be too small to support both ferries.

MacDonald traveled from Prince Edward Island, where Bay Ferries is based, to present the company’s expansion plans at a City Council workshop on Monday.

The Federal Maritime Commission will soon begin a legal review of the city’s 30-year-old agreement with the Scotia Prince. The outcome of that review could calm the dispute, said Larry Mead, assistant city manager.

The Scotia Prince Cruises contract, which will expire in two years, includes a clause that prevents the city from leasing space at the International Marine Terminal to another Yarmouth-bound ferry. The company has sought the same agreement as part of a longer lease when the Ocean Gateway terminal opens in 2006.

Aboard “The Cat,” a trip from Bar Harbor to Yarmouth takes less than three hours, which is half the time of a conventional ship. The Scotia Prince travels the distance between Portland and Yarmouth in 11 hours.

Bay Ferries officials have said its catamaran could cut the travel time in half.

The Maine Department of Transportation has warned the city that an exclusive lease would jeopardize funding for the Ocean Gateway terminal, unless the city could demonstrate that the deal best served the public.

The Federal Maritime Commission also has expressed reservations about a lease that limits maritime competition. It recommended the city submit the existing lease for review, according to Mead, assistant city manager.

The commission could rule out an agreement limiting competition, Mead said.

But even if the commission leaves the agreement intact, councilors remain divided over whether competition is in the city’s best financial interest.