I then modeled a low-poly boat in Blender and imported it into the scene. Similar to how the ships in Assassins Creed: Black Flag function, I gave the ship 'float points'
which compare their Y position to the height of the waves. If the float point is ever below a wave, the ship tilts up, and if the float point is ever above a wave, the ship tilts down. The averaged distance between these 'float points' serves as the center of gravity of ship and it is from this point that any rotations and translations are made. This particular mechanic needs a lot of tweaking in order to get the bobbing looking just right and after future additions will almost certainly require a revisit.