When you define the value list, select "Use values from field:" where you can select the "ship name" to show the values. Then select "include only related values starting from" and select the relationship you want to there. It may depend on the layout that you want to show these values from, as I'm not sure if you're starting from the leftmost table occurence in your pic... allowing a popup for companies first, then show only related ship names for that selected company, or if your layout is showing a detail of the companies... but that's what you're looking for.
Many thanks for your help Mike but I have managed to achieve my goal now.
I got help from good old youtube.
Again, thank you