Solution: If the speed of the ship in the water is X km/h and the current speed is Y km/h, then

48/(x+y)+ 16/(x-y)=5，32/(x+y)+24/(x-y)=5

16/(x+y) = 8/(x-y)，y=x/3。

48/(x+x/3)+ 16/(x-x/3)=5。

Therefore, 60/x=5 and x= 12 (km/h).