Ship's delay — not good (5)
I believe the answer is:
liner
'ship's' is the definition.
(as in an ocean liner)
'delay not good' is the wordplay.
'delay' becomes 'linger' (I've seen this before).
'not' indicates named letters should be taken away.
'good' becomes 'g' (abbreviation).
'linger' with 'g' removed is 'LINER'.
(Other definitions for liner that I've seen before include "Large passenger-ship" , "It covers bin's interior" , "that's put in bin" , "Commercial ship" , "Removable inner skin or large passenger ship" .)