Richard Doughty, the chief executive of the Cutty Sark Trust, said a substantial part of the damage sustained was not from the historically significant period of the ship's working life.

'The loss of original material from the working life of the ship is minimal, and may be less than two per cent,' he said. 'We are not going to be building a replica of the Cutty Sark.'

The trust is making an insurance claim, but Doughty said it was unlikely that the settlement would cover the cost of getting the conservation project back on track.

He said: 'We will go back to the Heritage Lottery Fund to talk about getting further assistance in the exceptional circumstances of the fire.' Doughty added that he was positive about the success of the conservation project.

The police investigation into the cause of the fire has not yet been concluded.