When your ship is blown up, it will go into deep stasis. The image below on the left is in deep stasis. You will eject out of the ship as an escape pod (if you purchased and equipped one), or as a spirit. More on those two later. Your ship will remain in deep stasis until the shields fully recharge or in five minutes, whichever is shorter.

Now your ship enters light stasis. The image below on the right is light stasis. Your ship can now be reclaimed. To reclaim your ship, simply fly over it with an escape pod or your spirit. Beware that whatever killed you, if still in your sector may try to kill you again when you jump back into your ship!

Also upon entering deep stasis, your ship may drop some items or conmmodities, equipped or not. Equipped shields, engines, and energy sources will never be lost. Items with a tech level higher than your ship's hull have a greater chance of coming loose. You can buy Gear Glue, an item which stops items of its tech level or lower from dropping on death. If you are under level 15, you will not drop items on death.

This is a ship in deep stasis. Notice the blue field around the ship.

This ship is in light stasis. In light stasis the field turns yellow.

If your ship does not have an escape pod, or your escape pod is destroyed, you will come out as a spirit. When you go into a spirit, and you will drop around a tenth of your credits. Using an escape pod is highly recommended.

This is a spirit. It is impervious to all matter and energy. It cannot be shot, tractored, or harmed in anyway.