Bounty, great ship heading east (8)
I believe the answer is:
largesse
'bounty' is the definition.
(thesaurus)
'great ship heading east' is the wordplay.
'great' becomes 'large' ('large' can be a synonym of 'great').
'ship' becomes 'ss'.
'heading east' becomes 'e' (abbreviation).
'large'+'ss'+'e'='LARGESSE'
(Other definitions for largesse that I've seen before include "Generous disposal of gifts" , "Bounty, gift" , "charity" , "Magnanimity, munificence" , "Generosity in gift-giving" .)