"Come on in. You've found yourself in the shipyard. Want to customize your ship? If you got da parts, I've got da time."
Shipyard Worker

The Shipyard is a location from The Legend of Zelda: Phantom Hourglass. Located in the far southeast corner of Mercay Island and directly above the dock, it is the only location in the game where Link can switch Ship Parts and repair his Salvage Arm, the latter costing, at most, 100 Rupees.

Interestingly, a Treasure Chest containing a Ship Part can also be found within the Shipyard.

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