There will be no Tall Ships Charleston festival this year.

The Post and Courier of Charleston reported organizers ran out of time and money.

This year's event had been planned in May.

Tall Ships America executive director Bert Rogers said organizers were unable to get enough money in time to attract enough ships. Rogers says it costs between $25,000 and $50,000 per ship for a three-day harbor event like Tall Ships Charleston.

Charleston festival chairman Reg Brown said this year's event had attracted "maybe" visits from four smaller ships.

Last year's free festival attracted about 22,000 people.

Tall ships are replicas of historic sailing vessels and symbols of the seagoing heritage of the coastal ports where they are moored.

Brown said he hopes to resume the festival next year.