The Sinking Ships 

An English post-punk band, formed in 1979 and active from then until 1981. Their members were: Simon Brighton (guitarist)
Terry Welbourn (bassist)
Colin Hopkirk (vocalist)
Nick Green (drummer)
They are sometimes attributed to being the writers of The Most Mysterious Song on The Internet, due to two of their most famous songs (The Cinema Clock and Strangers) sounding similar, although this has been mostly debunked. Their songs are actually pretty good, I would recommend checking them out.

Person 1: Hey, what would you say is your favourite band?
Person 2: I'd have to say The Sinking Ships.

Person 1: Who?

Person 2: Criminally underrated group.

The Sinking Ships by Herr Shrek December 10, 2020

Sinking the Ship 

It is a phrase commonly used when a person holds negative or confidential information about you and ends up blurting it out to people who really don't need to know.
This can take place during big surprises and important events in life such as meeting with a potential employer or even in an attempt of scoring a first date with a gorgeous male/female.
This can cause extreme awkwardness and possibly even fatal depending on the circumstances but by stating this phrase you can state the fact that the person who opened his mouth shouldn't have said anything, even though the damage has already been delt.

Unemployed Man: "Hello there, I would like to sechedule an interview with you for a potential opportunity for employment at this business."
U.M.'s Friend (on phone in background): "Yo man, we'll bring you that dime sack of weed as soon as he gets done talkin' to this googly lookin' lady about some stupid job to support his family."
Unemployed Man: "You're sinking the ship bro."
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Potential Female: "Aww thanks David for this beautiful ring! I bet it costed a fortune!"
Charlie (standing next to David): "Thank God for clearance bins at Wal-Mart."
David: "Charlie, You're sinking the ship, man."
Charlie: "Dohhh! Crap!"

Sinking the Ship by TheGasMaskGuy December 24, 2009

The Ship Be Sinking 

Famous quote of former New York Knickerbocker Michael Ray Richardson. Indicates an epic fail.

Joe: Hey, what do you think of the Obama campaign now that Palin is the vp pick?

Me: The ship be sinking.

The Ship Be Sinking by Audacity17 October 20, 2008