From Memphis Baas
If you get disconnected, your ship modules turn off, and your ship tries to emergency-warp away to some random point in space (safespot) nearby. If there are enemies that are shooting you at the time, they’ll continue to do damage until your ship warps off. If there are enemies that are currently warp-disrupting you, your ship won’t be able to do the emergency-warp off, and will stick around and take damage until it explodes.
After the emergency warp off, your ship will remain in space for a little bit (1 minute if nobody was shooting you when you disconnected, 15 minutes if someone was shooting you), and then it will disappear from space. It is possible to probe out your ship at the location of the emergency safespot, definitely within the 15 minutes, if you were being attacked by players when you disconnected. If they probe you out, they can start shooting you to extend the 15 minutes indefinitely, and blow you up. Titans have been killed this way.
If you don’t want to leave it to chance, you can right-click your ship when in space and choose “Safely Log off” and it will do a count-down then log you off and disappear from space instantly.
Once you log back in, your ship appears in space again, and emergency-warps back to the location where you were when you got disconnected (there’s no way to avoid this).