Southern Discoveries marketing co-ordinator Anita Golden said "flexibility, charters and speed", when asked what the points of difference were between the company's operation of Queenstown Princess, compared with Real Journeys' operation of TSS Earnslaw.
"The lake has been under-utilised for a while, so there's a lot of potential there," Ms Golden said.
"There are not a lot of options to see the view of Queenstown and the Remarkables from the water." Queenstown Princess was acquired from Queenstown Fishing Guides and Charters in September and revamped before the cruise operation's soft launch after Easter.
Southern Discoveries operates the boat three times a day from Queenstown Bay on cruises to Cecil Peak and along the Frankton Arm.
Ms Golden said the boat catered mainly for the free and independent traveller market, with options for parties and barbecues, while chartering may appeal to residents.
The 13m boat caters for groups of about 30 and the 90-minute cruise includes a guide talking to passengers about Wakatipu history and Maori legends.
The trip includes two complete 360-degree turns in the confluence of the bay and the arm, for views of the lake, and stops in the arm to experience Kelvin Heights peninsula and views of the Remarkables.
The operation is the latest expansion into Queenstown by the Milford Sound-based Southern Discoveries, since the company was bought by the Skeggs family, of Dunedin, nearly three years ago.
When asked what Real Journeys thought of having a new competitor on the lake, international sales and business development general manager Tony McQuilkin declined to go into specifics, but said the company's operations to the Walter Peak High Country Farm had proved "very successful" over the years.
"The Earnslaw is the pre-eminent vessel on the lake and people want to travel on it. We'll get about operating services and excursions as we have done in the past.
"The fact that she's approaching 100 years, her profile and attractiveness to visitors to Queenstown, in our view, will increase. The Earnslaw has been the enduring boat on Lake Wakatipu and over the years there's been many other services that have come and gone and it's always the Earnslaw which has endured."
When asked if Real Journeys intended to expand its operations on the lake, Mr McQuilkin said the operator always reviewed its options.
With its foothold at Walter Peak, "anything was possible".
"We'll signal those sort of things when we're ready. That's just a planning exercise. We see a future on Lake Wakatipu and in particular with Beach Bay at Walter Peak, which is undeniably the most attractive bay on the lake and the most sheltered.
"As visitor numbers to Queenstown grow, Real Journeys will consider additional facilities at Walter Peak and additional vessels, if we see fit."
