A ship will sail under it (3)

I believe the answer is:

way

I'm a little stuck... Click here to teach me more about this clue!

'a ship will' is the definition.
'way' can be an answer for 'will' (thesaurus). I am not sure about the 'a ship' bit.

I don't understand the remainder of the clue.

Can you help me to learn more?

(Other definitions for way that I've seen before include "Manner; road" , "Street" , "'Manner, mode (3)'" , "Route; direction" , "Path" .)

I've seen this clue in the Evening Standard.

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