In 1946 the Admiralty sold Albatross to a British company which planned to convert her into a passenger luxury cruiser. High conversion costs caused abandonment of the scheme and it was decided to use the ship as an off-shore floating cabaret at Torquay on the Devonshire coast. However, she was saved from this fate when the Greek-British Yannoulatos Group of shipowners offered to buy her for the sum of £185,000. The deal was completed on the day Prince Charles was born (14 November 1948) and in his honour her new owners renamed the ship Hellenic Prince.
The Yannoulatos Group sent her to Barry in Wales, where she was converted to a modern passenger vessel at a cost of £200,000.
In late 1949 she was chartered by the International Refugee Organization as a refugee transport. On 5 December 1949 she reached Sydney carrying 1,000 displaced persons thus returning to her birthplace after an absence of more than eleven years.
The ship's career finally ended when she was scrapped at Hong Kong on 12 August 1954.
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