SHIP is a hinge word: 6 words make a compound in front of it and 2 make one after it, so it can sit in the middle of a chain and hold two compounds together at once.
Each of these makes a compound ending in SHIP.
Each of these makes a compound starting with SHIP.
SHIP is really two words that happen to be spelled alike: the vessel (SPACESHIP, SHIPYARD, SHIPWRECK) and the abstract ending -ship (FRIENDSHIP, HARDSHIP). A compound chain does not care which one you mean.
Put any word from the first list in front and any word from the second behind, and you have a three-word chain in which both neighbouring pairs join. Here are some of them.
FRIEND → SHIP → WRECK — friendship and shipwreckLADY → SHIP → YARD — ladyship and shipyardKEYSTONE is a free daily puzzle built entirely out of chains like these. You get the two ends and have to fill the two words in the middle. Three bridges a day, no account, no cookies.
Each of these has a page like this one. There is also an index of all 28.
BACK · BALL · BED · BOARD · BOOK · BREAK · DAY · DOWN · FALL · FIRE · GUN · HAND · HEAD · HOUSE · LAND · LIFE · LIGHT · MAN · NIGHT · OFF · OUT · OVER · SIDE · SOME · TIME · WAY · WORK