The Lost Shipment voyage type is one of the latest additions to Sea of Thieves, arriving along with Season 1. These voyages send pirates on a hunt to find a missing crew for the Merchant Alliance. To start a Lost Shipment voyage, players can speak with Larinna, or those who have the rank of Merchant Captain or higher can get this voyage from the Merchant Alliance representative for greater rewards.
Your first hint at finding this ship is to look at the map of the planned trading route. Thankfully it departs at the outpost where you begin the voyage, so there is no need to travel across the sea just to get started.
Along the route you will find a group of seagulls, pieces of the boat, some Merchant crates, and a clue. This will point you to a nearby island.
Explore the island and you will find another clue located in the sand. Be careful when you pick up this clue as you will be attacked by skeletons, some of them carrying explosive kegs.
Follow the message and travel to the island named in the parchment. Once you arrive, you will need to speak with the lone pirate on the island to find out more information on the cargo. In this case, Martha the Fierce hands you yet another clue.
Rather than sending you to an island, you will need to make your way to a coordinate where, like the first clue, there will be pieces of the boat, some loot, and another clue.
The final part of this search and recovery will actually be the hardest. Here is where you will look for the sunken ship itself, between the coordinates and its final destination.
It can be anywhere in-between these two locations, so be on the lookout for any sign of seagulls to help bring you over to the ship. Once you find the wreck, look inside for a skeleton who will be holding the manifest. Grab the manifest and the voyage is complete.