




The early flag was quartered red and green. Rosanoski notes that Lloyds 1904 and 1912 reverse the arrangement shown by FOTW, giving red and green rather than green and red.
The Brown 1926 illustration is attributed to G.L. Premuda. Željko Heimer suggested a relationship with the Premuda family of Lussinpicolo, but Rosanoski identifies the linked company as Società de Navigazione a Vapore Eredi Matteo Premuda & Co., a different company with a different flag, and leaves the connection in question.
The modern design is black with white and red chevrons. The website version was initially questioned as possibly only a logo, its black-white-red-black bands forming a roughly horizontal V. Brown 1995 shows a narrower, unstaggered chevron whose ends are level towards the upper hoist and fly. FOTW replaced the earlier P342 illustration with P10 from Brown.
Four Skies in July 2007 shows the bicoloured band running straight round the back of the funnel. Four Shinano on 19 January 2012 shows the mirrored starboard design, with its high point forward, corresponding to the website logo. Four Smile on 23 February 2006 shows the straight band joining at the front. Rosanoski regards these photographs as making P342 more likely to be the actual flag.