This building dates from the early 19th century, though there has been an inn on the site since at least 1765.

The pub is shown on a 1778 map as "The Compass"; so sometime in the early 19th century it had become "the Compasses"; it's marked as such on plans understood to date from about the time the Wet Dock was opened (1842).

Now used for student accommodation.

Ian Johnson tells us:

They had a coal stove in the bar with an iron chimney pipe going up through the ceiling. I once leant nonchalantly against that pipe and burned my palm so badly that I had to be rushed to hospital on the back of my mate's motorbike. I would put that at 1958/9.

This may have earlier been known as the Carpenters Arms; the rate list for 1754-1755 lists Danl Christmas at the Carpenters Arms and the same man in 1755-1756 at the Steam Packet. Either the inn was renamed or the landlord moved.

The license was surrendered in 1960.

Died on the 29th July Richard, aged 30, youngest son of Mr H W Girling, of the Steam Packet Inn.Ipswich Journal*** in Aug 1880