The Spirit of Bermuda will compete for a $40,000 prize on Thursday when she takes part in a race around Canada's Prince Edward Island.

The sloop and her crew of 18 are currently in the sea off Nova Scotia speeding north from Maine to reach the race on time.

The inaugural Around Prince Edward Island Schooner Race has a $40,000 purse for first place, $26,000 for second place and $13,000 for third place.

The Spirit — a training vessel for young Bermudians run by the Sloop Foundation charity — had a refit in Rockport, Maine, the place where she was originally built, and now has a freshly painted bottom.

Foundation executive director Malcolm Kirkland said Bermudians had a history of sailing in waters up north. "I can't help but think of the thousands of Bermudians who sailed out of here over 350 years ago," he said.

"They were just called 'cruises' but they were winner take all privateering races with 'prizes'. One sloop with 125 privateers left Boaz Island in 1799 under Captain Darrell Harvey and sent back 18 captured 'prizes' or ships over the following year."

Mr. Kirkland said not much was known about the race competition on Thursday except that two of the other vessels taking part were Pride of Baltimore Il and Virginia.

"We do know that we have advised the crew to bring woolie, long john underwear and fleece jackets. Fog is something else that will be new," he said.

The racing crew will be Mike Ashton, Robert Blee, Adrian Bremar, Alan Burland, Bo Chambers, Tristan DeSilva, Geoffrey Frith, Marcus Fox, Kevin Horsfield, Jay Kempe, Malcolm Kirkland, Joshua LeMay, Ruth O'Kelly-Lynch, Tom Miller, Michael Scott, Vershon Simmons, Peter Simons and Tom Wadson.

The race, run under the auspices of the American Sail Training Association, starts at noon on Thursday under the Confederation Bridge and rounds Prince Edward Island in a clockwise direction.

Track the Spirit's progress on the Internet at www.tallshipspei.com.