After you've looted this chest, you will automatically complete the daily quest Pirate Ship Mast Tracking Quest and will be unable to find it again until dailies reset.
Go up to the front of the ship, across from the side with the wheel. Go to the corner of the ledge nearest to the beam that is holding the treasure bag. Mount up and jump onto the beam. Walk a short distance to collect your prize.
To get this satchel, head to the back of the boat where the wheel is (this is also where Stinkbraid spawns).
Walk up the rope on the left side of the boat and drop down to the yard by WALKING off the rope. If you jump, you will overshoot.
You should land on the same yard the treasure is on but on the opposite end. Now it's just a matter of carefully walking across until you can pick up your satchel. It can be a little annoying with the sails getting in the way of the camera but it's a pretty easy pickup.
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