Flag ship carries Queen (8)
I believe the answer is:
streamer
'flag' is the definition.
(streamer is a kind of flag)
'ship carries queen' is the wordplay.
I cannot quite understand how this works, but
'queen' could be 'er' (abbreviation for Elizabeth Regina) and 'er' is present in the answer.
The remaining letters 'stream' is a valid word which might be clued in a way I don't understand.
This may be the basis of clue (or it may be nonsense).
Can you help me to learn more?
(Other definitions for streamer that I've seen before include "awful cold?" , "Long 23 ac or ribbon" , "Ribbon flowing in the wind" , "Banner headline; long strip" , "Narrow decorative strip or flag" .)