This giant, I see, was an ill-fated ship (5)

I believe the answer is:

titan

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'this giant' is the definition.
(titans are giant mythological creatures)

I can't explain the remainder of the clue.

(Other definitions for titan that I've seen before include "Giant god of Greek myth" , "Taint in old Greek god" , "Person of great importance" , "bigwig" , "Person of great strength - moon of Saturn" .)

I've seen this clue in the Evening Standard.

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