The most common and most likely answer to this crossword clue is the 5 letter word DHOWS
I've seen this crossword clue in The Daily Telegraph
D
H
O
W
S
Buddy explains!

The straight part
We know that "ships" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case ships = dhows.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.
What does DHOWS mean?
DHOWS noun- A traditional sailing vessel used along the coasts of Arabia, East Africa, and the Indian Ocean, generally having a single mast and a lateen sail.