Hake ultimately rubbish European on board ship lands (7)
I believe the answer is:
estates
'lands' is the definition.
('estate' can be a synonym of 'land')
'hake ultimately rubbish european on board ship' is the wordplay.
'ultimately' indicates one should take the final letters.
'rubbish' becomes 'tat' (I've seen this before**).
'european' becomes 'e' (abbreviation e.g. EU).
'on board' is an insertion indicator.
'ship' becomes 'ss'.
The final letter of 'hake' is 'e'.
'tat'+'e'='tate'
'tate' put within 'ss' is 'states'.
'e'+'states'='ESTATES'
(Other definitions for estates that I've seen before include "People leave them" , "Demesnes" , "lands for development" , "residential areas" , "Country properties" .)