Yep, after making a helping note for myself with the page numbers, story, ships and hairstyles it seems indeed that there must be at least three timelines.
But if it is so very important to see the difference between timelines based on ship hull and hairstyle, what is page 15 supposed to be?!
There simply is no situation where she’s having dreadlocks while flying an Incursus, unless they have a 4th timeline. (or 5th, if you consider the engagement at the end and the foreshadowing of the big battle at the start separate timelines as the battle in the first pages clearly happens after the engagement at the end of this story).
This.