Specs: AMD Phenom II X4 965 - 8GB Ram
NVidia Geforce GTX 650 Ti (1GB Vid Mem)
http://steamcommunity.com/sharedfiles/filedetails/?id=431460819
This issue ONLY appears when my Graphics are set to low across the board on the board. I'm regular getting FPS drops to 10, even on low.
This occurs after running file Validation in STO's Launcher.
WORK AROUND: Turning up some settings will restore the Missing ship textures. Turning the setting down again will remove them again.