According to Ray Howlett's piece "The Enigma that is Trimley" (published in the parish magazine), the Ship was

Converted to two houses many years ago. These are adjacent to Chapel Yard, to the side of what was the old chapel on the High Road near to the Post Office.

From this description out map location seems like it must be about right; though we haven't been able to trace Chapel Yard, it's near the Post office, but as the pub was in St Mary, it seems it must have been on the opposite side of the road, from the way the boundary runs here.