No, it's not redundant at all. It is called 'parallelism' where the two nouns (wind and waves) both act as an independent direct object of the subject 'ship'. It can be broken down into two complete sentences: "A ship braving the wind.." "A ship braving the waves.." If you opt to disregard the 1st "the", your sentence should go like this: "A ship braving wind and waves" :)

Just to expand a little bit on the previous answer. The second "the" is not redundant, but it's also not strictly necessary. Both "...braving the wind and waves" and "...braving the wind and the waves" would be perfectly fine. To my ear, the second example is just slightly more formal and dramatic.