Ship’s fastest speed? Bow! (7)
I believe the answer is:
topknot
'ship's' is the definition.
The definition and answer can be both man-made objects as well as being singular nouns.
Perhaps there's a link between them I don't understand?
'fastest speed? bow' is the wordplay.
'fastest speed?' becomes 'top' (I am not sure about this - if you are sure you should believe this answer much more).
'bow' becomes 'knot' (I've seen this in another clue).
'top'+'knot'='TOPKNOT'
Can you help me to learn more?
(Other definitions for topknot that I've seen before include "Tuft or crest on crown of head" , "Shore bird" , "Decorative bow on head" , "Crest of hair or ribbon on crown of head" , "Tuft of hairs on head" .)