The third HMS Penzance (L28) was a Hastings-class sloop launched in 1930, and torpedoed and sunk in 1940 whilst on convoy protection duty by the German submarine U-37 with the loss of 90 of her 104 crew.

The turbines developed a total of 2,000 shaft horsepower (1,500 kW) and were designed to give a maximum speed of 16.5 knots (30.6 km/h; 19.0 mph).

She returned to Britain in May 1938 and after refit at Chatham Dockyard, joined the America and West Indies Station, arriving at Bermuda in June 1939.

[6] On the outbreak of the Second World War in September 1939, Penzance was initially employed on patrol duties, checking for contraband and watching German merchant ships in neutral ports in the region.

[6][9] In July 1940 Penzance was ordered home and on 15 August 1940 left Sydney, Nova Scotia as the only armed escort of Convoy SC 1.