More than 100,000 people were expected to flock to Barrow in Cumbria over the weekend to witness a "festival of the sea" Tall ships and powerboat racing were the main features of the International Power and Glory weekend.
More than a dozen tall ships were scheduled to be on view, including the massive Russian vessel Mir.
Organisers hope the event will help improve Barrow's image in the long term.
A huge effort has taken place to transform the town's docks into a race track for powerboats.
The work is part of a �100m development of Barrow with emphasis on changing the docks from a working port and shipyard to a leisure area.
Fairground rides
The tall ships sailed into Barrow on Friday, and took their place alongside the newly-opened promenade on the town quay, and on the nuclear dock.
Powerboat races will be held between these and a massive ferris wheel and other fairground rides have been erected in the docklands.
Barrow's hotels have reported brisk trade, with few rooms left in the area.
Captain Steven Young, manager of Barrow Port, said: "Leading the field will be the Russian full-rigged ship Mir, which at 109 metres, is a very sizeable tall ship.
"She will look very impressive indeed.
"We've also got the powerboat racing, which we have had here now for the last two years.
Improving facilities
"But this year we have broadened it to both a national and international race."
Barrow director of regeneration Steve Warbrick said the aim was to bring together the town and docks.
He said: "The power boating will take place in the old naval base and we need to adapt it and improve the infrastructure.
"We are providing new pontoons for launching the boats, new widened access into the dock to speed things up between races and improving the facilities.
"The event is the marine version of Formula One and all the back up has to be here."
The town also hopes to attract speedboat enthusiasts from Windermere when the 10mph limit comes into force there next year.