More than 100 ships are expected to take part in the race
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There are hopes that the Tyneside leg of the Tall Ships Race will bring up to �50m into the local economy.
More than 100 tall ships are expected to drop anchor on the River Tyne before setting sail for Norway on 27 July.
The quayside has been transformed since the area hosted the race in 1993, and this year's celebrations are planned to be bigger and more spectacular.
It is anticipated the event will attract more than one million visitors from around the world.
Phil Payne, NewcastleGateshead's Tall Ships manager said: "Last time when we did surveys we found that �38m was brought into the region by visitors coming here many for the first time.
"This time, with inflation and so on, we are expecting something like �50m worth of investment to flow into the economy.
"Already more than 100 ships have signed up from around the world - from Russia, Oman, Indonesia, Romania and India.
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