The most common and most likely answer to this crossword clue is the 7 plus 7 letter word CAPTAIN PUGWASH
C
A
P
T
A
I
N
P
U
G
W
A
S
H
Buddy explains!
The straight part
We know that "Horatio of the high seas" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case horatio of the high seas = captain pugwash.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.