Pushing my luck again :-)
Though what we have is a scan, I am unsure about what happened to the original photo.
Another family member also has a scan, which I think is a slightly better resolution and he has sent me this snip of just the ship name on Fred's cap.
Is it possible to manipulate this to see if any of the letters become clearer? I tried but (surprise!) wasn't too successful - though I think I can make out 'APE' within the word which may relate to one of the ships on his service record.
Boo
As you were ... I have had a good old firkle round the web and now have a 'possible' answer.
I believe the cap name is CAPETOWN. His service record shows he was assigned to HMS Capetown from 11th April 1922 to 10 Oct 1924.
This page shows that it was based at Bermuda at various times and the last entry on that page was 22 March 1924.
I still need to ascertain where it was on 28 May 1924, as I have a document that shows that Fred was definitely in Bermuda on that date. He was converting to Catholicism and I have a 'conditional' (as he had been baptised as Anglican as an infant) baptism cert from St Edwards RC Church in Hamilton, Bermuda.
I've only had the scans of the photo and baptism for 15 years - lol, I am slow but I do try to get there in the end.
Boo