The Last Trip Memorial is earmarked for a spot on the former St Andrew's Dock, once home to the world's largest deep-water fishing fleet.
It has been created by city designer Andrew Fenton and is backed by businessman Jon Levinson, who owns the land at the derelict dock.
Now, people are being invited to sponsor individual mini-ship bows that will feature on the memorial.
Mr Fenton said: "The idea is for people to take part-ownership of The Last Trip by purchasing one of the bows.
"Each one is made of polished stainless steel with two laser-cut anchors on either side – the port and starboard sides, if you like."
Anyone who buys a full bow for £500 can have wording of their choice engraved on it.
Alternatively, backers can buy half a bow for £250 and then have their own wording added.
Mr Fenton said: "We realise that might still be a lot of money for some people, so we are also giving people the opportunity to buy one of the 240 ship rivets being used to hold it all together.
"Their names will then be recorded in a separate plaque at the site.
"All the proceeds from the sale of the bows and the rivets will go towards the overall cost of manufacturing and installing it."
Fundraising responsibility for the scheme has been handed to the Hull Bullnose Heritage Group, a community organisation with 3,000 members.
The group, which has already handed over £1,000 for the memorial project raised from donations, is holding a fundraising event tonight at the Ryder Club in Coltman Street, west Hull, starting at 7pm.
How to help
THE Last Trip memorial feature will be installed on land at St Andrew's dock overlooking the Humber next to Mr Chu's China Palace restaurant.
Its design includes propose lighting features to illuminate it at night.
Anyone interested in purchasing one of the mini-ship bows or one of the rivets should visit the Hull Bullnose Heritage Group's Facebook page or fill in the application form on the hullnow home page.