Talks are under way to decide if an alternative event can be staged instead of the cancelled Liverpool Boat Show.
Organisers Marine Industry Events (MIE) called off the event blaming severe market conditions after a poor showing at January's London Boat Show.
The 10-day event was expected to bring 400,000 visitors to the region in April.
Discussions between Liverpool council and local partners have started to see if another event can be arranged.
MIE will have no involvement in any new plans.
Max Steinberg, chief executive of Liverpool Vision, said: "We have already started to consider what we can do to minimise the economic impact of the cancellation of the Liverpool Boat Show.
"There has already been significant investment by MIE and British Waterways in establishing world-class berthing and staging facilities and we intend to use them to the city's best advantage.
"In addition to the permanent pontoon, strong foundations for future large maritime events have been laid.
"Over the course of the last 15 months, MIE brought more than 300 marine businesses and marine specialist press to visit Liverpool."
The Liverpool Boat Show was launched 18 months ago, billed as a major national event to be held around the city's historic Albert Dock.
The event was to include a huge display of boats in the main marina and surrounding docks as well as demonstrations of wake-boarding, power boat racing and water-skiing.
There would also have been family and cultural events on the waterfront, such as a sea shanty festival and street entertainment.
Rob Mackenzie, managing director of MIE, said from late November 2010 some exhibitors withdrew from the show after the economic outlook deteriorated rapidly.
'No loss of money'
He said many pulled out of the show in late January, citing a "commercially disastrous" London Boat Show.
Councillor Wendy Simon, Liverpool City Council's cabinet member for culture and tourism, insisted the city would not lose out.
"We have funded some infrastructure around the dock area, around the pontoon, which will also be used for our other events," she said.
"We have a lot of maritime events which are going to take place in 2011 and 2012, so they will be used in the long term and there has not been a loss of money in this event at all."