Recent developments in high power rated Voltage Source Converters (VSCs) have resulted in their successful application in Multi-Terminal HVDC (MTDC) transmission systems and also have potential in the Medium Voltage DC (MVDC) distribution systems. This work presents the findings of stability studies carried out on a zonal MVDC architecture for the shipboard power distribution system. The stability study is confined to rotor angle stability of the power system, i.e. the transient and small signal stability analysis. The MTDC ring structure similar to MVDC shipboard power system was implemented in MATLAB/Simulink to look at the transient behavior of the MVDC system. Small signal stability analysis has been carried out with the help of Power System Toolbox (PST) for both MVAC as well as MVDC architectures. Later, Participation Analysis has been carried out to address the small signal instability in the case of MVAC architecture and methods for enhancement were also presented.