I've tried both of baatsmans suggested fixes, no luck. Still see the ships suspended in the grey void without the GUI.
I tried another reinstall, no joy.
Will attempt updates as above.
Same issue as Baatsman and Darth Khyron.
Tried repairing the install, deleting settings files as above.
Now trying fresh install.
UPDATE
Fresh install hasn't corrected issue, game is non-functional at present.