When Spawned in, your ship spawns in with a new item "The soul of the Ship," a ship in a bottle, that can be looted by enemy players when you are sunk. The Soul of the Ship varies in size and can be sold to any faction.
The Soul of the Ship has a sloop, brig, or galleon in a bottle depending on the ship, and the bigger the ship, the more it sells for. The Sloop soul is sold for 1500, the Brig sells for 2000, and the Galleon for 2500 big ones!
It CANNOT be looted by the players whom own the ship, even when it sinks, but it can be hidden like the emissaries can.
This would make pvp more rewarding as there is always something to gain, but never too much. We all know it sucks to chase a ship for ages only to receive no reward!