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From YPPedia

A shanghai or shanghai point is given to a crew when one of its members subscribes or buys doubloons for the first time. Each account has only one shanghai to give; at the time of an account's first payment, the shanghai is awarded to the crew of the pirate most recently logged in on the appropriate type of ocean (subscriber or doubloon). Shanghais are used for renaming ships and crews. The number of shanghai points a crew currently has (as well as the crew's total accumulation) is visible on the crew's information page by the captain and senior officers.

Shanghai Use

Shanghais may be "spent" to rename ships and crews. To do so, an Ocean Master must be petitioned, and the crew's captain must either be present or must have given permission to another crew member to spend the points. If a crew has no captain, they must name a person who has authorization to use the shanghai points in their private statement.

For more information, see the Official:Services page.