Original: Bering reached Avacha Bay on July 10, 1740 and laid the foundation stone for the harbor town, naming the new settlement "Petropavlovsk" (Peter + Paul) after his two ships, the St. Peter and the St. Paul, built in Okhotsk for his second expedition.
Simplified: It was founded by Vitus Bering in 1740 and was named after ships the St. Peter and the St. Paul.