Ponape was a four-masted steel–hulled barque which was built in 1903 in Italy as Regina Elena for an Italian owner.

Regina Elena's third voyage was from Antwerp, Belgium to San Francisco carrying general cargo.

She then loaded coal at Newcastle, and sailed to Junín, Argentina, the passage taking 35 days.

Nitrates were loaded, and Regina Elena sailed to Funchal, Portugal in 89 days, where orders were given to discharge her cargo at Genoa.

Her fourth voyage was from Genoa to Barry, Wales where a cargo of coal was loaded for Callao, Peru, which was reached in 104 days.

This was taken to Antwerp, the voyage taking 134 days due to hurricane-force winds at Cape Horn.

In 1925, Bellhouse was sold to Hugo Lundquist, Mariehamn, Finland and renamed Ponape.

[2] In 1925, Ponape was carrying a cargo of lumber to Melbourne, Australia when she was caught in a storm to the north west of Iceland and was almost swamped.