(Bloomberg) -- The planned launch of what would have been Japan’s first private spacecraft to take off from a commercial launchpad was called off Saturday due to a ship that entered a hazard area downrange.

Space One Co., a startup backed by Canon Inc., plans to try hold the launch on March 13 or later, board of directors member Kozo Abe said at a news conference near the coastal launch site in Wakayama prefecture, about 430 kilometers (270 miles) southwest of Tokyo. Abe did not offer details on the ship.

“We had been working hard for today’s launch, so the outcome is very regrettable,” Abe said. “We will do our best to meet expectations next time.”

The company is trying to enter the booming market for commercial rocket launches by sending its lightweight Kairos into space from its facility in the prefecture. 

“It is very reassuring to me that the postponement was not due to a rocket malfunction,” Wakayama Governor Shuhei Kishimoto, told reporters before the news conference. 

Kairos, which in Greek means “the right moment,” was set to carry a government satellite, the company said in a statement. With a capacity of 250 kilograms (551 pounds) to low-Earth orbit, the Space One rocket is much smaller than the Falcon 9, the SpaceX vehicle capable of carrying 22,800 kilograms.

Space One, founded in 2018, is supported by investors including Canon Electronics Inc., IHI Aerospace Engineering Co., real estate contractor Shimizu Corp. and the Development Bank of Japan. Previous launches were delayed by the pandemic and the war in Ukraine, according to Chief Executive Officer Masakazu Toyoda.

©2024 Bloomberg L.P.