How do I set an objects position relative its parent? Does blender support parent relative coordinates?
How do I set an objects position relative its parent?

I am setting the coordinates of the ship (being a child of the bottle) to 0 0 0. Trying to change transform orientation of the 3d view gives no change, the ship goes to origin in any case.
You can use Alt+O to setup 0,0,0 coordinates at parent location.



The operator is called Clear Origin, for 2.8+ you can access it from the 3D View header menu under Object > Clear > Origin.