WAILUKU » A company that runs ferries between Maui and Lanai is asking state regulators for permission to build a $2.7 million replacement vessel.

The Maui News reported today that Hone Heke Corp., the parent company of Expeditions, applied to the Public Utilities Commission this month to finance and build the ferry.

Hono Heke President Bill Caldwell said in the application that the company believes a new vessel will be needed before 2015 to meet increased demand.

Caldwell says Larry Ellison, the Oracle billionaire who owns the vast majority of land on Lanai, intends to overhaul its resorts, build new residences and take on other projects.

Caldwell says construction companies have already asked the ferry company about charter transportation for workers to Lanai.

The two-story ferry would be built in Washington.