Part of ship first of all in urgent need, wrecked in storm (7)
I believe the answer is:
gunwale
'part of ship' is the definition.
(I've seen this before)
'first of all in urgent need wrecked in storm' is the wordplay.
'first of all in' says to take the initial letters.
'in' is an insertion indicator.
'storm' becomes 'gale' (I've seen this before).
The first letters of 'urgent need wrecked' is 'unw'.
'unw' going inside 'gale' is 'GUNWALE'.
(Other definitions for gunwale that I've seen before include "board" , "Topmost planking of a wooden vessel's hull" , "Part of craft" , "Topmost planking of a wooden vessel" , "part of boat" .)