Anglo-Spanish War: During the Action of Faial, an English attempt to capture a Portuguese carrack, reputedly one of the richest ever to set sail from the Indies, caused it to explode with all the treasure lost.

The Anglo-Spanish War (1585–1604) was an intermittent conflict between the Habsburg Kingdom of Spain and the Kingdom of England that was never formally declared. It began with England's military expedition in 1585 to what was then the Spanish Netherlands under the command of Robert Dudley, Earl of Leicester, in support of the Dutch rebellion against Spanish Habsburg rule.

The Action of Faial or the Battle of Faial Island was a naval engagement that took place on 22–23 June 1594 during the Anglo-Spanish War in which the large and richly laden 2,000-ton Portuguese carrack Cinco Chagas was destroyed by an English privateer fleet after a long and bitter battle off Faial Island in the Azores. The carrack, which was reputedly one of the richest ever to set sail from the Indies, was lost in an explosion which denied the English, as well as the Portuguese and Spanish, the treasure.

A carrack is a three- or four-masted ocean-going sailing ship that was developed in the 14th to 15th centuries in Europe, most notably in Portugal and Spain. Evolving from the single-masted cog, the carrack was first used for European trade from the Mediterranean to the Baltic and quickly found use with the newly found wealth of the trade between Europe and Africa and then the trans-Atlantic trade with the Americas. In their most advanced forms, they were used by the Portuguese and Spaniards for trade between Europe, Africa and Asia starting in the late 15th century, before being gradually superseded in the late 16th and early 17th centuries by the galleon.