Hi ilmt,
this has already discussed lots of time before
Basically, this can work with Ship Simulator. You can, in ship sim simulator, assign every axes or button of every joystick to whatever function of Ship Simulator you want. So, it works.
But, if talking about naval simulation, it becomes not so interesting ! The throttle levers are nice (I personnaly use them too) but the yoke is useless. The steering wheel in a ship behaves quite differently than the yoke of a plane, because it doesn't come back to neutral when you release it. If you take for example a large ship, like the vermass or the lattitude, you might need to set rudder full starboard for example, during 15 minutes, to make a U-turn. With a flight simulation yoke, you'll have to keep hands on the wheel for 15 minutes ... not realistic at all, and very annoying !
Moreover, at this time, there's no possibility to steer azimuth propelled ship with joysticks (Red Eagle, Ocean Star, Bugsier 2).
So, to my mind, if you only intend to use this set for Ship Simulator, you might be very disappointed. However, If you use flight simulators, then it's a very good value.