Very nice for a first model
A few things to work on:
* The hull of the ship has a lot of polys that don't add any significant detail to the object (E.g. The edges on the sides). That part of the ship should be really only have two or three rows of faces going across.
* Masts on a ship don't really get thinner that drastically towards the ends. See the link.
http://picasaweb.google.com/forfar/RingaroomaCemetery/photo#5052494493505852594
* Try shaping the hull so that it curves towards the bottom a little more.
Tis a good start, with a little more work it can be great
This is a random sentence about squirrels.