On the EAST side of the Black hand Ship, there is an anchor. From the Anchor, take 45 steps (walk don't run) NORTH Turn EAST, take 50 steps, then turn SOUTH and take 25 more steps. Finally, turn EAST and take 150 steps. There, hidden at the base of a mighty tree, is my chest.
There is an anchor in the water just South of the ship. This is not the one mentioned. Look East, on top of the ridge instead.