My friend and I were playing last night. We're both pretty new to the game so we're still learning all of the nuances. We had done two ghost ship Order of Souls quest and taken down2 enemy ships, so we easily had 20 or 30+ loot items. Then we engaged a skelly ship, got hit by a mastadon and a reaper galleon came up on us. We went down and saw a long list of treasure donated messages as we were sailing back to the reaper ship.
We took down the galleon reaper ship and after looting them, discovered that none of our ghost loot was there. (8 skulls and several ghost chests.
Does that loot de spawn when the ship goes down or sink faster or something?
At the end of the day, we didn't care. It was a ton of fun killing a 4 man galleon with a 2 man slooth. xD Mostly just curious because we thought it was a strange coincidence that only the ghost loot was missing.