Green’s Dictionary of Slang

(US.) of a ship, in poor repair.

1896		‘Frederick Benton Williams’ (H.E. Hamblen) On Many Seas 371: There was lots of carpenter’s work to do on the old ballahoo].
1900–10		Stephens & O’Brien Materials for a Dict. of Aus. Sl. [unpub. ms.] 8: BALLAHOO: [...] a cranky illfound ship].