The most common and most likely answer to this crossword clue is the 9 plus 6 letter word UNCHARTED WATERS
U
N
C
H
A
R
T
E
D
W
A
T
E
R
S
Buddy explains!
The straight part
We know that "new situation" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case new situation = uncharted waters.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.