Pine club lying around old ship's vessel (8)
I believe the answer is:
longboat
'ship's vessel' is the definition.
(boat launched from another ship)
'pine club lying around old' is the wordplay.
'pine' becomes 'long' (to pine for something is to long for it).
'club' becomes 'bat' (as in sporting equipment).
'lying around' indicates putting letters inside.
'old' becomes 'o' (abbreviation).
'bat' going around 'o' is 'boat'.
'long'+'boat'='LONGBOAT'
(Other definitions for longboat that I've seen before include "Viking warship" , "one attacking from the north" , "one getting a row?" , "Vessel used by the Vikings" , "Viking ship" .)