In 2003, on the 50th anniversary, a new plaque with the names of those lost was unveiled at the Victoria Memorial in Agnew Park, Stranraer. A piper played the tune "Lament of the MV Princess Victoria". Two new plaques were also unveiled at the Victoria Memorial in Larne. RNLB Sir Samuel Kelly (ON 885), from Donaghadee, one of the two lifeboats involved in the Princess Victoria rescue, has been preserved and is in a nearby car park.
In a report of 30, 000 pages, the enquiry found that: firstly, the stern doors were not sufficiently robust. Secondly, arrangements for clearing water from the car deck were inadequate. The report concluded "If the Princess Victoria had been as staunch as those who manned her, then all would have been well and the disaster averted. " The court also noted that the duty destroyer HMS Tenacious from the 3rd Training Squadron, based at HMS Sea Eagle at Londonderry Port, was unable to put to sea, as too many men had been released on shore leave. As a consequence of the enquiry, the duty destroyer from the 3rd Squadron was subsequently based "on station" at the mouth of Lough Foyle on one hour readiness to put to sea.
Contest, commanded by Lt Cdr H. P. Fleming, left Rothesay at 11:09 hrs but, although she came close to her position at 13:30 hrs, poor visibility prevented the crew from seeing the sinking ship. The destroyer had been trying to maintain a speed of 31 knots (57 km/h; 36 mph) to reach the listing ferry but, after sustaining damage from the seas, Lt Cdr Fleming was forced to reduce speed to 16 knots (30 km/h; 18 mph).
 Memorials Memorials have been erected in Chaine Road, Larne, Co Antrim, in Portpatrick, Wigtownshire and in Stranraer, Wigtownshire (where 23 inhabitants lost their lives in the disaster). It has become the custom for a memorial service to be held on both sides of the North Channel on the anniversary of the sinking. Many of the survivors continue to attend these religious services.
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Captain Ferguson had served as master on various ferries on the same route for 17 years. A gale warning was in force but he made the decision to put to sea. Loch Ryan is a sheltered inlet and the immediate force of the wind and sea was not apparent, but it was noted that spray was breaking over the stern doors. A "guillotine door" had been fitted, because of a previously identified problem with spray and waves hitting the stern doors, but it was rarely used, because it took too long to raise and lower. This would have provided extra protection for the sliding stern doors. On this occasion, it was damaged and therefore not able to be lowered.  Shortly after clearing the mouth of Loch Ryan, getting there which took one hour instead of the usual 20 minutes, the ship turned West towards Larne and exposed her stern to the worst of the high seas.
Vessel not under command. Urgent assistance of tugs required". With a list to starboard exacerbated by shifting cargo, water continued to enter the ship. At 10:32 hrs, an SOS message was finally transmitted, and the order to abandon ship was given at 14:00.  Possibly, the first warship in the area was HMS Launceston Castle, commanded by Lt Cdr J. M. Cowling, a frigate that was en route to Derry. Searches were carried out but Launceston Castle was forced to leave when her condensers were contaminated by salt. Upon the upgrade of the assistance message to an SOS, the Portpatrick Lifeboat Jeannie Spiers was dispatched, as was the destroyer HMS Contest.
67 ft (5 m) Installed power2x 2-stroke, single acting Sulzer diesel engines Speed19 knots (35 km/h; 22 mph) Capacity1, 500 passengers, 70 tons cargo, 40 cars MV Princess Victoria was one of the earliest roll-on/roll-off (ro-ro) ferries. Completed in 1947, she operated from Stranraer to Larne. During a severe European windstorm on 31 January 1953, she sank in the North Channel with the loss of 135 lives. [disputed – discuss] This was then the deadliest maritime disaster in United Kingdom waters since World War II. For many years it was believed that 133 people had lost their lives in the disaster, but research by local historian Liam Kelly JP, DL, identified two other victims - Gordon Wright and Thomas Saunders - whose names had not been identified as there had been no ship's passenger list at the time.  History Princess Victoria was launched on 27 August 1946 and completed in 1947 by William Denny and Brothers, Dumbarton for the London, Midland and Scottish Railway (LMS).
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