Svea Corona (1) was built by Dubigeon-Normandie SA, Nantes. She was one of three sisters built for Silja Line services, and was owned by Silja Line consortium member Rederi AB Svea. The other sisters were delivered as the Wellamo of Finska Ångfartygs Ab and the Bore Star of Bore Line. Svea Corona entered service in 1975 between Stockholm and Helsinki, moving to the Stockholm-Mariehamn-Åbo/Turku route in 1980. In 1981, ownership passed to Johnson Line AB.

In 1984, Svea Corona was sold to Sundancer Corporation and renamed Sundancer for use as a cruise ship. However on her third cruise on the US/Canadian west coast, Sundancer was declared a TCL (total constructive loss) after hitting a submerged object on 30th June 1984. She was driven ashore by the captain, and was later sold to Greek owners for rebuilding, reappearing as the Pegasus of Cosmos Cruises. In 1987, Pegasus was acquired by Epirotiki Lines, retaining her name. On 2nd June 1991 there was a fire on board whilst in Venice. Pegasus sank to the harbour bottom, and was declared a TCL for the second time. In 1994 the remains were sold to Strintzis Lines, and given the name Ionian Express. Following rebuilding, the intention was that she would be used on the Swansea-Cork Ferries service. This was not to be, since on 20th November 1994 another fire broke out, and the ship was declared a TCL for the third time. She was broken up in Turkey in 1995.