The Ship
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The ship is used for exploring the World Map. Initially, the Dock has to be repaired, which then allows the player to repair the Ship as well. It can then be fueled with Diesel, and crewed by sailors, which are just workers. As you keep upgrading the ship, it will keep increasing the number of required sailors.
Ship Upgrades
Parts of the ship can be upgraded. These upgrades increase the ships battle score, and exploration capabilities.
Weapons and Armor
Mainly improve the battle score.
Radar
Increases the discovery range of the ship. This allows you to see further areas, and what they contain, although not the loot they have.
Engines
Increase the ship movement speed.
Fuel tanks
Increases the ship's exploration range.