QE2 always fought a pitched battle with fuel costs. She was the last oil-fired transatlantic liner, and in 1986 she was converted to diesel power in an effort to improve efficiency.
The new powerplant required more exhaust pipes than the original funnel could handle, and as a result QE2 received a new shorter, squat funnel in 1986.
(Compare with the previous two photos showing the original funnel, in 1985).