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The stamp shows us a merchant ship of the 7th century, the design is made after a decoration on a jug found on the Karpass Peninsula, Cyprus and dated around 750 BC. The jug is now in the British Museum.
The vessel depict is a merchant ship, on deck are two large storage jars, while on the bow a crew member lowers a stone-ring anchor in the water.
She has one mast and is steered by two steering oars, on one of the oars a crew member squats and is feeding the fish below him.

Cyprus 1966 15fm sg286, scott?
Source: Internet.

Stanley Gibbons gives the ancient vessel depict on this Cyprus stamp as a Minoan wine ship. She is a cargo vessel which transport two large stirrup-jars, a two-handled amphora whose opposing handles connect the aperture to the sides of the vessel, was used in that time for the transport of oil wine and other produce.

The same vessel is depict on the 1966 stamp.

The lower vessel is given as a stylized tanker.

Cyprus 1992 50c sg 826, scott 806.