This boat hold up to three Squires and or Knights. A beneficial suggestion to help your next land is to use the Knight hermit to get the 3rd Squire/Knight and send him on the ship to help in the next land! Your sides might hold infinite Squires/Knights. You can in fact cruise back to another island you completed if you find yourself having a hard time late game. Get knights and go right back. (Must have lighthouse done!) Infinite on the colony!