The cross-Solent operator says the cancellations are due to a routine inspection of the Voith engine on Red Eagle.
The 12pm, 3pm and 6pm sailings from Southampton have all been cancelled, together with the 1.30pm, 4.30pm and 7.30pm from East Cowes.
Further to this, the 1pm and 2pm sailings from Southampton has been delayed by 60 minutes.
Red Funnel has warned that the 2.30pm sailing from East Cowes may also be delayed, and has apologised for any inconvenience caused.