The Old Man's cry that stops the vessel (3)
I believe the answer is:
hoy
'the vessel' is the definition.
(hoy is a kind of vessel)
'the old man's cry that stops' is the wordplay.
I cannot quite see how this works, but
'old' could be 'o' (abbreviation) and 'o' is located in the answer.
'man' could be 'hy' and 'hy' is present in the leftover letters.
No letters remain.
This explanation may well be incorrect...
Can you help me to learn more?
(Other definitions for hoy that I've seen before include "Orkney island" , "Boat" , "recipient of 10 21 [VELODROME GOLD]" , "Scottish island" .)