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Been trawling the internet for hours, can't find any trace or reference of this movie. Not really sure what station I saw it on (only once), but it was probably Sci-Fi Channel (mind you, a very long time ago:

Movie opens with flying ships (sailing galleons), that proceed to siege a towering city. The city fires back with its own cannons, and drives the invaders away. The main protagonist is a young boy who longs to be a knight... or this movie's equivalent thereof. He has an older brother who is already recognized as a warrior. The boy lives in the city that successfully repelled this siege.

The king of this city has some sort of wizard or wise-man as a councilor, who conceives an "ultimate weapon" against their enemies- an hourglass of sorts that accelerates time against a target. However, during the course of the movie this weapon is stolen by the city's enemies (led by an evil queen or sorceress), who proceeds to use it against the city itself and all its inhabitants.

So the king sends out his armies to retrieve the artifact, all the while everyone and everything begins aging rapidly. Our boy-hero watches his older brother (now much older) set out with other knights on the quest, and there's a token romance between the boy and the king's daughter. The knights do not return, however, and the time-curse continues to wreak havoc on the city.

Ultimately, the boy (now a man) sets out to find his brother, the hourglass, and save the day. He finds his brother at a wreckage-site (I believe of a flying galleon), and they share a brief moment before the elder brother finally succumbs to old age. I'm sure I'm forgetting some other poignant details, but that's essentially the crux of it. Ends... if I remember correctly, with the artifact being disabled and the evil queen/sorceress defeated.

Question is: what is this movie titled?

Per User25830's comments above, the movie in question is the 1996 made-for-TV film "To the Ends of Time" (AKA "Ritter der Zeit").

"a full 35mm theatrical motion picture that got world-wide release
which had over 400 visual effects shots, a philharmonic orchestra
soundtrack with 100 man choir, major epic battle scenes with dangerous
pyrotechnics and stunts, 30,000 sq feet of indoor sets and a full
sized galleon ship set outdoors. Markus Rothkranz wrote and directed
this period fantasy which featured over 300 extras, all of which
needed custom elaborate medeival costumes. Markus also personally
built over 200 miniature models for the film and helped pound nails on
many of the sets, including the one above, which of course he also
designed. All the sets were built by mainly four people. It was quite
a big screen accomplishment, proving you don't need huge crews and a
hundred million dollars to make an elaborate film. Just spirit, desire
and resourcefulness."

When you mentioned the flying galleons I thought it may be "The Time Bandits", but the rest of the plot doesn't match up.

I never thought this day will come!!! Thank you so much!!! I found your question after rummaging through Internet with exactly same memories of this movie and exact question.....Every now & then I will think about this movie, but could never find any information about it anywhere... Mindblown… And I thought I'm the only one maybe searching for the name of this movie as I couldn't find anything on internet. I even started to question my memories of this movie thinking if it's my childhood imagination, maybe such movie never existed?!! I'm so happy!!! Thank you for the answer!!!

It's called Message From Space with Vic Morrow