Vessels were wrecked on the point (5)
I believe the answer is:
ewers
'vessels' is the definition.
(ewer is a kind of vessel)
'were wrecked on the point' is the wordplay.
'wrecked' is an anagram indicator.
'on' is a charade indicator (letters next to each other).
'the point' becomes 'S' (South).
'were' anagrammed gives 'ewer'.
'ewer'+'s'='EWERS'
(Other definitions for ewers that I've seen before include "Vase-shaped jugs" , "Large jugs" , "Vessels with handle and spout" , "Jugs thrown into sewer" , "containers" .)