Shipwreck Bay is an island in Sea of Thieves situated in The Wilds.
This island is surrounded by shipwrecks, most notably the remains of the Blackwyche. There are also 3 Ammo Chests and a Skeleton Throne.
Reading this map a clue you'll see, if at the archway on the North West beach of the largest isle ye be
The Highest Peak
Uncovering the highest peak would be sound for thee, sound to hear a tuneful plea
Reading this map a clue you'll see, if at the Kraken bones washed ashore the South West beach ye standing be
The Skull Pile
The chest is close at the skull pile in the shadow of the largest peak, but you're not done, dig 7 paces North West grab it and run
The Monstrous Remains
Find beneath the monstrous remains looking out to the North seas, you salty dog, 5 paces North East, have a dig and then a grog
As seen on the in-game map