Monarch tours English warships spacing out (herein a famously bad example) (7)

I haven't cracked this one yet — but the brilliant team at Fifteensquared have:

KING (monarch), around (touring) E (abbreviation for English) + RN (abbreviation for Royal Navy = warships). Kerning = in typography, adjusting the spacing between particular pairs of letters to improve appearance and readability, depending on the shape of each letter. I think the “famously bad example” refers to the word “kerning” itself in lowercase: if there isn’t enough space between “r” and “n”, they may be misread as a single letter “m”, hence the industry slang term “keming” for bad kerning.