To put it in context you need to look at the Cork Hibs crest and the coat of arms of the city.
In the Hibs crest, the ship is coming in- the back of the boat is much higher than the front, like a galleon. In the coat of arms its looking straight at one of the sides. In the new crest, the ship is going out - thus the lower profile front of the ship is advancing and the raised back is hidden by sails.
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