The most common and most likely answer to this crossword clue is the 12 letter word THREE-MASTER
I've seen this crossword clue in Independent
T
H
R
E
E
-
M
A
S
T
E
R
More clues leading to the result THREE-MASTER
Buddy explains!

The straight part
We know that "a craft" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case a craft = three-master.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.