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The Navio de Permiso permitted a single yearly trading ship, the Annual Ship, which could carry 1000 tons of imports to the yearly trade fair in Porto Bello.
The capture of Porto Bello was welcomed as an exceptionally popular triumph throughout Britain and America, and the name of Portobello came to be used in commemoration at a variety of locations, such as the Portobello Road in London, the Portobello district of Edinburgh and also in Dublin; as well as Porto Bello in Virginia.
In 1742 a cottage was built on what is now the High Street (close to the junction with what is now Brighton Place) by a seaman by the name of George Hamilton, who had served under Admiral Edward Vernon during the 1739 capture of Porto Bello, Panama, meaning literally "beautiful port or harbour", and who named the cottage Portobello Hut in honour of that victory.
In particular, the term is most strongly associated with that stretch of the Caribbean coastline that runs from the ports of Porto Bello on the Isthmus of Darien in Panama, through Cartagena de Indias in New Granada, and Maracaibo to the Orinoco delta.