"to buoy up the sinking ship"

Sinking ship Synonyms, Sinking ship Antonyms | Thesaurus.com
Buoy up Synonyms, Buoy up Antonyms | Thesaurus.com

In the metaphorical sense "to buoy the sinking ship" means to sustain something from collapse, Am I right?

Yes, or keep from sinking, to not mix metaphors. I wouldn't use "up" with buoy.

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Originally Posted by SoothingDave

Yes, or keep from sinking, to not mix metaphors. I wouldn't use "up" with buoy.

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"To buoy up" is a common enough phrasal verb in BrE.