An elevated port bow view of the steel four-masted sailing ship Bay of Panama (1883) wrecked off the cliffs near Nare Head a few miles north of Porthallow and south of Nare Point. The ship is low in water. The mizzen mast has completely disappeared over the side, while the main mast has broken at the maintop mast leaving the upper yards and mast hanging over the side. The foremast and jigger mast have their upper masts in place but the topgallant mast of the foremast has broken and is hanging in the rigging. The yards on the jigger have disappeared.

The Bay of Panama was on a voyage from Calcutta [Kolkata] to Dundee with a cargo of jute when it was caught in a snow storm and wrecked on 10 March 1891. Only seventeen of the 40 crew survived, some were washed overboard while others froze in the rigging escaping the waves washing over the decks.