You focus your powers of observation on a title to a ship:
Item 'a title to a ship' is type ship-title, alignment 0, made of paper,
has keywords 'ship deed title parchment'.
This item weighs 0 stones and 5 pebbles, and is valued at 20,025 gp.
This level 60 item has the attributes: identified nodrop insulated nouncurse unbreakable nodecay nochange save-location
A title to a ship is in excellent condition.
This parchment gives the bearer title to the ship 'Neptune's Saber'.
*This item may be repaired 5 more times.
This is apparently the deed to a ship - the parchment outlines the buyer
and seller, and when the agreement was made.