Yes, but the full ship comes back into view every time with a decent telescope. Please watch this short video:
Come visit me in Santa Barbara and try this out for yourself! We have container ships that pass about 30-50 miles offshore, and from the beach by my house I look at the ships through my high-power binoculars. It's often the case that from the beach itself, I can only see the top of a ship, but if I climb onto the bluffs, a sliver of the ship's hull comes into view.