"to buoy up the sinking ship"

[Odessa Dawn]

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?
​

 

[SoothingDave]

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

 

[bhaisahab]

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

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