How about:
Create a pivot.
After moving the target, position the pivot at x,z of the target and y of the ship. Then, use "PointEntity ship, pivot". If necessary, add "EntityRotate ship,0,entityYaw(ship),0,1" (last 1 = global). That should keep it pinned down to the original orientation except for compass point.
If all of this does not fit your situation, then still, apply the principle: "the simpler the better". Good luck!
Create a pivot.
After moving the target, position the pivot at x,z of the target and y of the ship. Then, use "PointEntity ship, pivot". If necessary, add "EntityRotate ship,0,entityYaw(ship),0,1" (last 1 = global). That should keep it pinned down to the original orientation except for compass point.
If all of this does not fit your situation, then still, apply the principle: "the simpler the better". Good luck!