In 1937, "Bluenose" was challenged once more by the American schooner "Gertrude L. Thebaud" in a best-of-five series of races for the International Fisherman's Trophy. However, the financial difficulties of the owners of "Bluenose" almost prevented the race from going ahead. Furthermore, "Bluenose"s sailing gear had been placed in storage after the schooner had been refitted with diesel engines. It was only with the intervention of American private interests that "Bluenose" was made ready for the race. Beginning on 9 October 1938, the first race, off Boston, was won by "Gertrude L. Thebaud". "Bluenose" won the second which was sailed off Gloucester, but a protest over the ballast aboard "Bluenose" led to modifications to the schooner. She was found to be too long at the waterline for the competition. The alterations completed, "Bluenose" won the third race sailed off Gloucester, by an even greater margin than the second race. During the fourth race sailed off Boston, the topmast of "Bluenose" snapped, which contributed to "Gertrude L. Thebuad"s win. The fifth race, sailed off Gloucester was won by "Bluenose", retaining the trophy for the Nova Scotians. This was the last race of the fishing schooners of the North Atlantic.