Salcombe's new Tamar class all-weather lifeboat was officially named The Baltic Exchange III on Saturday (May 17).

Hundreds of RNLI supporters and boating enthusiasts lined the town's seafront to witness the naming ceremony.

The new £2.6m lifeboat replaces Salcombe's Tyne class The Baltic Exchange II, which had served the harbour for more than 20 years.

A service of dedication was held at Cliff House Gardens before the lifeboat was named by Gail Drayton, the wife of the chairman of London-based maritime organisation The Baltic Exchange, which contributed more than £500,000 towards the cost of the new lifeboat.

Captain Peter Hodges, RNLI lifeboat operations manager at Salcombe, welcomed The Baltic Exchange III in front of around 650 invited guests and hundreds of members of the public.

He said: "We owe all our RNLI supporters a huge vote of thanks - without you we would not have a new lifeboat today. I say this on behalf of the station and the volunteer crew.

Peter Hodges, RNLI lifeboat operations manager at Salcombe: "We owe all our RNLI supporters a huge vote of thanks - without you we would not have a new lifeboat today. I say this on behalf of the station and the volunteer crew."

"Our 45-year relationship with the Baltic Exchange is one of which we are enormously proud."

Andrew Freemantle, chief executive of RNLI, thanked all the donors who helped fund The Baltic Exchange III.

"I thank all those who have helped buy this state-of-the-art lifeboat, the ninth to be officially accepted into the RNLI fleet, and the second one to be stationed in the South West," he said.

"I am also well aware of the huge contribution made by the town and the whole community to meet the £2.6m price tag for the vessel."

The Tamar class lifeboat has a top speed of 25 knots and new safety features including an advanced seat design to reduce stress on the crews' backs while at sea.

New onboard computer controls mean many of the lifeboat's functions can be handled remotely from inside the wheelhouse while the crews are strapped into their seats.

The Baltic Exchange III was greeted on her arrival in Salcombe in March by a flotilla of small boats, and cheers from the crowds on the shore.

Salcombe's Tamar, which is 16m long, 5m wide and weighs nearly 32 tonnes, is the second to go on station in the South West. The first is based at Padstow, Cornwall.

The RNLI's Tamar class lifeboats are fitted out at Babcock Marine in Plymouth.