DISNEY SHIP STILL NOT IN SHAPE; 2ND DELAY SCUTTLES MORE VACATION PLANS.

Byline: Dave McNary Daily News Staff Writer

Walt Disney Co., in an uncharacteristic stumble, announced Wednesday that it has been forced to delay the maiden voyage of its first cruise ship by three months to July 30.

The entertainment giant blamed construction delays at an Italian shipyard. With the cancellation of 26 sailings in all from its Port Canaveral, Fla., dock, company officials apologized for fouling up the vacation plans of thousands.

``We regret any inconvenience that this will cause our guests,'' said Disney Cruise Line President Arthur Rodney in a statement. ``We remain committed to launching an extraordinary ship and offering a cruise experience that meets Disney's high standards of quality and service.''

Disney promised customers refunds or passage on a future cruise at a 25 percent discount. ``We've got all hands on deck handling the phones today,'' said cruise line spokeswoman Amy Foley.

Wednesday's delay marks the second false start for Disney's much-advertised move into the cruise business with its floating Disney Magic, a cruise ship that will hold 2,400 passengers. It made a similar announcement in October when it postponed the maiden voyage from mid-March to April 30, canceling 15 sailings at that point.

The cruise business is one of several new targets for Disney's expansion of its heavyweight brand names. Burbank-based Disney, on track to generate $25 billion in 1998 revenue, launched the Club Disney indoor play-parks and ESPN Stores last year and will start chains of DisneyQuest interactive parks and ESPN Grills this year.

``What we're seeing with this delay is the growing pains of breaking into a new business,'' said Kevin Skislock, an analyst with L.H. Friend, Weinress, Frankson & Presson in Irvine. ``Disney is going to stumble every now and then even though it has a very strong franchise. For them, cruise ships will have a far steeper learning curve than theme parks.''

Analysts said the major problem stems from the cruise industry's plans to launch a record number of massive new ships this year, some with price tags well over $300 million due to features like wedding chapels, casinos and basketball courts. The Disney Magic, with smokestacks bearing the ubiquitous Mickey Mouse logo, will offer three restaurants, an ESPN Skybox, a Broadway-style theater, nightclubs, a spa and a 15,000-square-foot playroom for children.

Linda Bannister, an analyst with Edward Jones in St. Louis, said the postponement, while painful for Disney, makes sense over the long term. ``It's far better to take the hit up front rather than have people's vacations ruined if they're on a ship that isn't quite ready,'' she said.

Disney said Wednesday that construction at the Fincatieri shipyard in Marghera, Italy, fell behind due to delays on American Holland's Rotterdam VI, the ship preceding Disney Magic in production. American Holland was forced to cancel the three opening sailings of Rotterdam VI as a result.

Disney's Foley said the delay will have no impact on Disney's plans to launch a second cruise ship, the Disney Wonder. Already it has been taking reservations for voyages, starting with one in March 1999.