Hello Tony,
ShipSim Extremes is a Windows 32 bit DirectX 9.0c game, using some PhysX routines and many VC++ processes. It runs on OS from XP to Windows 8, 32 bit computers and 64 bit in compatibility mode.
It should be installed and first time started as an administrator. There is an utility called "unregister.exe" to clean the register base to help cleaning in view of re-installing the game if something went wrong.
I know not much of Steam, perhaps doesn't it check the tools that it doesn't distribute, DirectX, vcredist, physx and certainly it doesn't check if Windows updates have been installed.
One update is often missing for systems when automatic updates weren't allowed at the time of its publishing, theMicrosoft Visual C++ 2005 Service Pack 1 Redistributable Package MFC Security Update (http://www.microsoft.com/en-us/download/details.aspx?id=26347). A link is provided to the file vcredist_x86.EXE with the install instructions, in case it wasn't installed on your pc. If not properly installed, it lets the game crash with various dll errors.
It also could help if you could eventually post your PC Dxdiag report, and in case it is a Steam issue, other people more knowledgeable will certainly try to help.
Regards,
Luc