Originally posted by a.mcbob:

Originally posted by Sokaku:

If you're under attack from a serpent or otherwise have the chance, get to the mast of the ship before the boat breaks and you'll collect the nails and hide if you have inventory space. Of course you'll be left floating in the middle of the ocean yourself soon to die. but your gravestone floats.

Any cargo in your boat, whether ores or what-have-you will be left floating in a crate where the ship went down, so mark it on the map to return to pick it up if you don't have a death marker there.

Makes sense, thanks! Except that some of my cargo definitely disappeared...can the cargo crates be blown up?

Were you playing solo or co-op? Solo theres no chance the serpent would have trashed the cargo as it depspawns temporarily when your character respawns out of render range. In co-op it could be destroyed if there was at least one player alive in it's render range that maybe got to safety and watched the serpent eat some escargot. =P