My group of friends and I were playing last night and went to the swamps for a quick iron expedition. We came back to the boat spot confused as it was gone. We look around for floating mats or cargo and we couldn't find them. While swimming we noticed out boat is about 10 feet underwater and half in the ground. Now it wasn't destroyed. It was just chilling underwater. The little splash animation was still going on around it. I decided to shoot an arrow at it to try to break it, as maybe our cargo would float up. After about 6 arrows I noticed it was slowly coming up. This continued till it was sticking out of the water about 5 feet, until it just broke completely. Luckily the cargo floated, and I was able to get more boat mats. But this could have been real bad if we didn't have a portal set up. Didn't think to take any screenshots sadly.