Tere Moana

(11:45 p.m. EDT) -- Paul Gauguin Cruises has sold one of its two ships, Tere Moana, after less than three years in its fleet.

The 88-passenger vessel, formerly Ponant's Le Levant, joined the Tahiti-based cruise in December 2012 after a renovation.

Paul Gauguin Cruises has confirmed all cruises on Tere Moana will continue as scheduled through May 14, 2016, with no changes expected to the itineraries, crew or service.

Richard Bailey, chairman & CEO of Paul Gauguin Cruises, said it was "hard to part" with the Tere Moana. “But we received an attractive offer to purchase the vessel and decided to take this opportunity to refocus in our home territory of French Polynesia and provide an even higher level of service to the award-winning operations of the Paul Gauguin cruise ship and our renowned South Pacific cruises,” he said in a statement.

According to a report by Seatrade, the ship was acquired by Boston-based Grand Circle Travel.

No word yet on what lies ahead for Paul Gauguin with only one ship, but we will keep you posted.

--By Louise Goldsbury, Australia Editor