I love an old naive ship drawing or watercolor, and this I think is both a very charming and unusual example, with the ship circumscribed in a a circle, as if being viewed through a scope. (Of course this makes me imagine the person drawing it with pencil in one hand while holding a scope in the other, going back and forth working hard to capture all the details!) With an American flag waving proudly from the stern and sea below. There is pencil writing on the red flag--whether announcing the name of the ship or the name of the artist I'm not sure as it's a but hard to read. 

12 1/2" x 10 1/4" framed, as found, behind glass in a nice period lemon gold gessoed wood frame with newer mat and wood panel back. Wired for hanging and all in very good condition.