The excellent Hydro module for Godot offers modelling of water, waves and buoyant objects. I have been experimenting with it as the basis of a new game project which is temporarily called Square Rigger. So far I am very impressed with the results and will be doing some basic hull modelling and tweaking of mass and density to get a realistic effect.
You can see the result here : https://youtu.be/GXkw2V7_DcU
Adding the Hydro module into Godot requires you to build from source. The code for the module, written by jonri ( https://jonri.gonevis.com/author/jonri/ ) is available at https://gitlab.com/ringtechsolutions/godot-tools/hydro/hydro
For initial proof of concept and development purposes I will be using the simplest ship mesh that I can. This was put together in Blender in a few minutes.
You can see the result here : https://youtu.be/ZRxsagywTbw
After creating a basic hull in Blender, I used the Better Collada Exporter to create a .dae file which I could then import into Godot. When importing, do this as an inherited scene and then split that out into a fresh scene and merge from the imported scene in order to manipulate the content.
You can see the result here : https://youtu.be/VXM-EdOQaP4