The Spurn Lightship and the Arctic Corsair – the sole survivor of Hull’s once 150-strong distant water sidewinder fishing fleet –will benefit from the boon from the Headley Trust.
The ships are conserved by Hull Maritime Foundation which aims to safeguard relics of the city’s proud shipping heritage for future generations.
Lord Chris Haskins, who chairs the Foundation, said: “The grant will make a key contribution towards giving both ships a new lease of life and securing their future for generations to come.
“Its generous support will help us ensure that the ships and their stories will live on for many more years.”
A new maritime museum is also in the works for the Foundation, which was founded in 2018 and borne from Hull’s year as City of Culture in 2017.
Paintings and exhibits from the museum have already been sent off for restoration.
Tasked with preserving Hull’s ships and the surrounding docks, the Foundation is set to transform Dock Office Chambers and North End Shipyard in a project aimed at creating regeneration.