Condor Liberation - which sails between Poole in Dorset and the Channel Islands - struck the quayside at St Peter Port, Guernsey, on her second day in service.
Condor Ferries said it would now be out of action until Saturday.
The MV Arrow has been brought in to carry freight while the Commodore Clipper will carry passengers.
The Clipper is a conventional, rather than high-speed ferry, so journeys will take longer on Wednesday and Thursday and will operate between the islands and Portsmouth.
The Condor Express, one of two vessels being replaced by the Liberation and sold to Greek firm Seajets, will operate two services between the islands and Poole on Friday.
Captain Fran Collins, from ferry firm, said: "No-one is more disappointed than we are, that the combination of the very unfortunate incident at the weekend and some really severe weather, has caused this disruption in Condor Liberation's first week in service.
"We are working around-the-clock to have her back in service as soon as possible and are very grateful to our customers for their patience and understanding.
"We would like to apologise to all those customers affected by the weather disruption and the incident which affected Condor Liberation.
"We are carrying out a full investigation in conjunction with Guernsey Harbours and we know there are always lessons to be learned in situations like these."
The Commodore Clipper normally carries passengers and freight between Portsmouth and the islands.
The MV Arrow will take over some of its freight services this week so it can focus on passenger sailings.
An extra vessel has been drafted in to deal with passengers and freight travelling to the Channel Islands after a £50m ferry was damaged in high winds.