LLSS.....
I have never seen a ship with lips.
If the implication is a reference to a person telling the truth about something being done, that is wrong. That person could be considered a snitch.
And the saying implies a threat.
Who cares about threats?
If it is wrong, it is wrong and should be made right. Especially if the wrong done is against me.
That mentality is why crime is so rampant, like it is.
The ship(s) that need to sink are the ones trying to keep the truth from floating to the surface.
Make of that as you will.