The statue cost £75,000 and stands at 10ft 6 tall. Inspired by an image taken in 1959 by local photographer Harry Hann, the sculpture is called "Fiddler's Green", which in 19th Century maritime folklore was an afterlife for sailors where there was never ending merriment.
The idea to erect a memorial for the lost fishermen of North Shields came during a fish supper between a veteran skipper and his granddaughter.
One of the fishermen honoured is James Noble, whose trawler, the Ocean Way, sank in the North Sea in 2014.
His fiancee Julie Myhill was emotional today, but very proud.