[3] Following World War II, Southern Railway, that provided passenger and vehicle ferry services to the Isle of Wight, decided to supplement and replace the existing coal burning paddle steamers that operated on the Portsmouth to Ryde route with modern twin screw diesel powered vessels (TSMV).

Initial plans, incorrectly based on a predicted downward trend in passenger numbers, were to order the construction of two such vessels.

[4] As a result of experience gained from building and operating Brading and Southsea, Shanklin was designed slightly differently from her sisters.

[5] At this time there were three main activities for the passenger ferry fleet In addition to Shanklin the five other vessels undertaking these tasks at this time were: The withdrawal of the paddle steamers in 1970 resulted in the two ferry routes being combined as a three stage Portsmouth to Southsea (Clarence Pier) to Ryde route for some sailings.

In October 1980 Shanklin was bought by the Firth of Clyde Steam Packet Company, who already ran the paddle steamer Waverley on coastal excursions, and renamed Prince Ivanhoe.

On 3 August 1981 Prince Ivanhoe began a pleasure trip starting at Penarth with stops at Minehead and Mumbles and then a cruise along the Gower coast.

Whilst emerging from this bay she hit a submerged object, probably rocks or a wreck, tearing a 60-foot (18 m) gash in her hull.