The boat's name refers to Henry Morgan, a Welsh pirate/privateer of the late 17th century. Morgan's many successful raids on the ships carrying gold and silver from South America to Spain helped bankrupt the Spanish Empire, putting an end to the military threat that Spain posed to England and leaving Protestant England free to fight her other Catholic adversary, France. Morgan reputedly buried treasure throughout the Caribbean, up the Eastern seaboard and in Bermuda - and old timers would refer to the summer cumulus clouds drifting across the island as the "ghost of Morgan, come to look for his buried treasure". Hence, Morgan's Ghost.