Vessel Cabot hired regularly when travelling (7)
I believe the answer is:
iceboat
'vessel' is the definition.
(iceboat is a kind of vessel)
'cabot hired regularly when travelling' is the wordplay.
'regularly' indicates alternate letters (regularly take one letter, leave next etc.).
'when travelling' is an anagram indicator.
The alternating letters of 'hired' are 'ie'.
'cabot'+'ie'='cabotie'
'cabotie' is an anagram of 'ICEBOAT'.
(Other definitions for iceboat that I've seen before include "Ship used to clear way in polar waters" , "Arctic vessel" , "it cuts through arctic seas" , "Craft" , "One'll break through the pack" .)