The Ship changed hands last year and I have heard a few peeps say that it is not up to it's old standard.
If you find yourself in Porthmadog area I can recommend the following.....
The Square in nearby Tremadog - Bistro style - moderately priced
Castel Deudraeth in Portmeirion - Beautiful setting - excellent food - pricey
Blossoms in Borth-y-gest - Intimate - very good food - great views
The Grapes in Maentwrog (about 5 miles away) - good pub atmosphere / food.
Hen Fecws - few doors down from The Ship - great food - nice atmosphere.
Hope this helps those who visit the area.