Pegasus was launched in December 1835 at the yard of Robert Barclay and Co. in Stobcross, Glasgow. She was registered on the last day of 1835, and became part of the
Hull & Leith Shipping Company, later the
Hull & Leith Steam Packet Company. After sea trials, her first trip was to get to her new home port of Leith from the Glasgow area. Some smaller ships could use the
Forth and Clyde Canal, whilst larger vessels could use the
Caledonian Canal. However,
Pegasus was too large for either of these waterways, and she had to sail right around the coast of Scotland to get to Leith. She arrived at Leith on 6 February 1836, and the company made great use of her sailing through difficult waters announcing: Her first trip between the Leith and Hull was in February 1836, and she continued to ply this route right up until her sinking. Her regular sequence was to call in at ports on the way (such as
Whitby and
Scarborough), with the journey taking around 24 hours. She would sail from Leith on a Saturday, and return from Hull on a Wednesday, but exact timings were dependent on the tides. Much was made in the press about her ability to cover the distance between the two ports in such a short space of time. One report, which mentions the various ports that she also called in at, labelled her 24-hour journey as an "unprecedented" time. Thereafter, she suffered from several accidents; in August 1836, on one sailing from Leith to Hull, she struck a rock "..nearly opposite Bamborough Castle[sic]". She left the Port of Hull on 7 September 1838, at the same time as the
Forfarshire, and another steam ship
Innisfail, at 6:20 pm. The
Forfarshire pulled ahead after leaving port, being a more powerful ship, which left at least one passenger on
Pegasus wishing he was on the other ship instead. However, after
Spurn Point, they lost sight of each other, and during the passage through the Farne Islands, the
Forfarshire sunk, resulting in the loss of 43 lives, and bringing attention to the heroics of
Grace and William Darling. Those on board the
Pegasus were unaware of the ''Forfarshire's
fate until they arrived in Leith at 02:00 am, with Innisfail'' arriving three hours later. On 1 May 1839, the ship was lost in fog as she approached the
Firth of Forth on a sailing north from Hull, and even though the captain slowed to half-speed, and took depth soundings, she was still adrift of her intended location when she struck a rock off the
Fife coast. However, she was able to be beached and alternative arrangements were made to transport her passengers and goods to Leith. ==Loss==