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Discover LudwigThe phrase "sinking ship" is correct and can be used in written English.
It is often used as a metaphor to describe a situation or organization that is failing or in trouble. Example: "The company's financial troubles have turned it into a sinking ship, with many employees jumping off before it completely goes under."
Dictionary
sinking ship
noun
Something which is doomed; a lost cause; an impending debacle; an ongoing disaster.
Exact(54)
This is a sinking ship.
It deserts the sinking ship.
"We're on a sinking ship".
"We leave the sinking ship".
ARE the rats leaving a sinking ship?
The theme is sinking ship.
Similar(6)
"The place was notorious for sinking ships, not saving them".
Sinking ships?
What's that saying about sinking ships?
A rising tide lifting a fleet of sinking ships?
A rising tide, they say, can keep even sinking ships afloat.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com