Near the completion of a $5 million conversion, the ocean liner RMS Queen Elizabeth caught fire on Sunday, January 9 1972. There is some speculation the fires were set deliberately, as several blazes broke out simultaneously throughout the ship. The
vessel had been acquired for $3.5 million, and had been insured for $8 million.

The ship was completely destroyed, and the water being sprayed by the fireboats to
put out the flames caused the Queen Elizabeth to capsize and sink in Hong Kong
Victory Harbor. It was soon declared a shipping hazard and was dismantled for
scrap between 1974 and 1975. Portions of the hull were left at the bottom of
the bay along with the keel and boilers.