The British East India Company (EIC) purchased her in 1781 and used her for almost two years as a fast packet vessel and cruiser based in St Helena.

One source states that Spy was built in the Thames for the EIC,[1] but that appears to be a mistake.

Spy, John Sherwood, master, sailed from Gravesend on 13 December 1781,[1] and Portsmouth on 6 February 1782 and arrived at St Helena on 13 June.

[1] One source states that in 1784 the EIC sent Spy out to St. Helena and stationed her there permanently as a guard ship.

[5] 1st voyage transporting enslaved people (1784-1785): Captain Thomas Wilson sailed from London on 12 August 1784.

Spy started acquiring captives on 1 December at Cape Coast Castle.

[6] 2nd voyage transporting enslaved people (1785–1786): Captain Thomas Wilson sailed from London on 28 September 1785.

[7] On her return her owners, Camden & Calvert, decided to try whaling instead of continuing transporting enslaved people.

Captain Wilson transferred to another Spy, the former Stag, and continued transporting enslaved people.

[9] Calvert & Camden sold Spy to King & Co. 2nd whaling voyage (1787–1788): Captain Thomas Wyer (or Wier) sailed from London on 4 December 1787, bound for the Brazil Banks.

[9] 3rd whaling voyage (1788–1789): Captain William Fitch sailed from London in 1788, bound for the coast of Africa.

[9] On 3 February 1792, Spy, Fitch, master, was at the Cape of Good Hope, together with Lucy, Chaser, and several other whalers.

[9] 7th whaling voyage (1793-1795): Captain Fitch sailed from London on 17 October 1793, bound for the coast of Peru.