In recent times, concerns over fossil fuel consumption and severe environmental pollution have grabbed attention in marine vessels. The fast development in solar technology and the significant reduction in cost over the past decade have allowed the integration of solar technology in marine vessels. However, the highly intermittent nature of photovoltaic (PV) modules might cause instability in shipboard microgrids. Moreover, the penetration is much more in the case of utilizing PV panels on ships due to the continuous movement. This paper, therefore, presents a frequency sharing approach to smooth the effect of the highly intermittent nature of PV panels integrated with the shipboard microgrids. A hybrid system based on an ultra-capacitor and a lithium-ion battery is developed such that high power and short term fluctuations are catered by an ultra-capacitor, whereas long duration and high energy density fluctuations are catered by the lithium-ion battery. Further, in order to cater for the fluctuations caused by weather or variation in sea states, a battery energy storage system (BESS) is utilized in parallel to the dc-link capacitor using a buck-boost converter. Hence, to verify the dynamic behavior of the proposed approach, the model is designed in MATLAB/SIMULINK. The simulation results illustrate that the proposed model helps to smooth the fluctuations and to stabilize the DC bus voltage.