Ship Sinkers Share definition Flag A slang term for a large labia minora derived from the cliche, "loose lips sink ships." "Yeah, Stoya's damnfine. But, emm....She does have those ship sinkers." Ship Sinkers by James Augustine Aloysius Joyce September 25, 2009 0 0 Get merch Get the Ship Sinkers mug. Buy Now — $32.95 See more merch