Fred Olsen Cruise Lines

Black Watch photographs from August and September 2005 show a mirrored flag emblem pointing forward on both sides, slightly wavy and apparently on a panel attached to the funnel. The broad red band’s position varies with funnel shape: it lies lower on Black Watch but occupies most of Balmoral’s funnel in February 2011. A lighter blue in one Balmoral photograph appears to result from colour manipulation.

No exclusive fleet-wide use or unrecorded corporate equivalence is asserted.