Waterloo first appeared in Lloyd's Register (LR) in 1815 with Rutledge, owner and master, and trade Plymouth–London.

British ships were then free to sail to India or the Indian Ocean under a license from the EIC.

On 18 September 1818 Waterloo, Hepburn, master, was reported to have arrived at the Sunda Strait from London.

[10] LR for 1822, with stale data, showed Waterloo with W. Martin, master, Duff & Co., owners, and trade Liverpool–New Brunswick.

[11] On 24 October 1820 Waterloo, Martin, master, was on a voyage from Saint John, New Brunswick, to Liverpool when a heavy sea struck her at 46°26′N 25°0′E / 46.433°N 25.000°E / 46.433; 25.000 and carried away her lower masts and swept her deck.