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The early version has a black funnel and a white flag with a red–yellow–red border and a black-and-white ancient sailing ship. LJC 1909 widens the yellow relative to red, matching Spanish proportions. Its ship has a hull flat at the waterline; yard position varies, and small flags fly from the fore and aft castles.

The later recorded flag places yellow–red–yellow bands at top and bottom around the ship. Its funnel is yellow according to The Worlds Merchant Fleets, or buff in Stewart.

Loughran records purple replacing a colour during the Spanish Civil War, but the sequence is unclear. The discussion says purple–yellow–red and questions whether the order instead matched republican red–yellow–purple or differed at top and bottom; the separate flag description says purple–red–yellow. The illustration follows an assumed arrangement, reversed at the base, rather than a securely documented order.