HONOLULU -- Work began on Sunday to restore the Falls of Clyde. And for the first time in recent history, the old ship flew her flag in Honolulu Harbor.

Volunteers hope to get this piece of history "ship shape" very soon.

The Falls of Clyde is the last four-masted, square-rigged sailing ship in the world. The ship is owned by Bishop Museum. It is part of the Hawaii maritime museum but it has been closed since January for safety reasons.

Plans had been in the works to sink the ship off Waianae until a community group stepped in to save it.

The ship is rusted and deteriorating, but volunteers are working to restore it. Sunday was the first official day of restoration.

"It's hard to put an estimation on restoration, but I would say that we need at least $3 million to get her to where we can open her to the public, and make the restoration process a public endeavor so that students, community groups can come down, restore the maritime heritage of Hawaii," VerlieAnn Malina-Wright said.

They're looking for volunteers to help.

"This is an incredible ship," Jeff Lansdown said. "I mean, so much history here -- it's a national historical landmark. It has to be saved. Anybody that turns their back on this ship is turning their back on our own history."

The ship's advocates hope to have it in good enough shape to open to the public on July 4.

The ship will be heading to drydock at the end of July for further renovation.