The location of the ship currently is where ships could easily access the mines while they were active. After El Patron's crew mutinied him, they caused a rock collapse that closed off the ship's only way out. On deck there is simply the helm wheel, which does not appear to function, and also a Loot Skull Chest that can only be opened after the pirate has defeated El Patron. The Skull Chest contains the 3 Cursed Blades of El Patron, only one of which the pirate gets to keep.