She made four voyages as a slave ship in the triangular trade in enslaved people before she grounded in 1789 and was condemned.

[5] Sherwood made four voyages in Princess Royal in which he acquired captives primarily at the Bight of Biafra and Gulf of Guinea islands and took them to Havana.

[8] 3rd voyage transporting enslaved people (1787): Sherwood sailed from Liverpool on 14 April 1787 and arrived at Bonny on 29 May.

3rd voyage transporting enslaved people (1788–1789): Sherwood sailed from Liverpool on 10 April 1788 and arrived at Havana in September.

Lloyd's List had reported that on 28 August 1788 Princess Royal had arrived at Trinidad with about 800 captives for Havana.

[12] As Princess Royal returned from Havana a heavy gale on 24 January 1789, drove her from her moorings on to the shore, where she filled with water.