The Princess Danae is now the Lisboa, while the Arion has become Porto and the Athena has become the Azores.
The Lisboa and Porto are currently in Lisbon undergoing refurbishment.
New owner Rui Alegre has renamed the ships – and is believed to have bought Funchal as well, which has also been seen, like the Lisboa and Porto, at the Naval Roche shipyard in Lisbon.
The Porto is sporting the biggest change as the former 6,000-ton Arion now has a completely new black and yellow color scheme.
The Funchal has three sailings scheduled later this year in Northern Europe departing from Goteborg, although it is unclear whether this is a charter or being sold director.
The Funchal, according to a source familiar with the project, is currently undergoing a major refurbishment in Lisbon.
Photos: Rui Minas Agostinho