Does it make sense to limit water intake when your supply is not far away from running out?

Imagine you live on a ship. You will be at sea for a month, and the freshwater supply is limited. Every morning, the crew receives a small ration of water which has to last the entire day. It’s enough to survive on, but too little to feel good about.

Biologically, does it make a difference whether you decide to take small sips throughout the day, or drink up right away?