Sorry I meant a waterlogged wreckage, there are many in that area

in response to you not seeing them, this is directly from http://thottbot.com/i21228 but it is a good general guideline that I've found to be true on everything from boxes to motes of primal water. as follows:

The secret to fishing the mithril bound trunks in Booty Bay, if you want to make the most of it, is to run the beach TWICE. Start point  = go up the east coast of the peninsula just past the zanzil ruins. You'll see a palm tree where the sand ends and the cliffs start. There is a respawn point past that palm tree. Fish out EVERY SINGLE node between there and Booty Bay. To do that you'll have to be maybe lvl 40 or so. Kill anything in your path :)

At Booty Bay, swim across and continue up along the west coast of the peninsula, dodging mobs as you see fit, but be sure to fish out EVERY node (lvls <40 do the best u can :) ). Fish them out all the way up to the GromGol camp. After that point the chests change to iron bound trunks.

The trick is that by fishing out ALL the nodes you encourage more respawns and hence a higher respawning of the two choice nodes, Stonescale eel and Floating Wreckage.

The trick is once you have cleaned that long area of fishing nodes you run to BB and unload your loot then go straight back to the start and do it again.

I have had times where I fished out maybe 5 mithril bound trunks on my first run and 30 on my second run (extreme case).

From floating wreckage they drop an average of maybe 2-3 trunks per node, with some stranglekelp and romsey rum thrown in for good measure.

From the others - stonescale eel, firefin snapper and oily blackmouth - you might get 0.5 trunks per node. Not a lot BUT it is worth fishing them out to encourage a respawn and the chance of a floating wreckage node on your subsequent run.

I fished it for weeks and perfected this method. If you're main is a 60 don't bother. Better to farm something bigger, but if you're main is lvl 40 this is outstanding value for time.

Some helpful pointers:

1) If you are an enchanter you MUST do this run over and over. The dusts, shards and essences from the lvl40+ items in these trunks are worth a bucketload. You will struggle to spend all your money after a couple of weeks :).

2) If you are a tailor you simply MUST do this. I still haved 120 bolts of runecloth sitting in my bank on the offchance I might need them one day :). Mageweave bolt droppage is good too.

3) If you are a leatherworker it is great for the amount of thick and rugged leather that drops.

4) If you are the impatient type then don't open them as you go. Wait til you have finished two runs and open your trunks all at once. The general success of the haul overshadows the sinking feeling of that odd trunk that contains 1silver35copper :).

5) Make sure that you ALWAYS carry potions of swim speed and water breathing. The best means of escape from a ganker is to jump into the ocean and quaff a swim speed. They will usually give up unless they can swim fast themselves or walk on water (dam priests).

6) I think you may need 175 fishing to fish in the prescribed area, so get your fishing to 100 in Elwynn or wherever and buy the baubles in the fishing shop in Booty Bay.

7) The spawnage has some sort of locale function in it. By fishing out nodes in the specified area you deplete the supply of nodes to the locale and increase the spawning rate. As far as I can tell the spawning rate is 25% for each of the 4 nodes available. Although you may think that the firefin snapper and oily blackmouth respawn more often, it is an illusion. It is just that they are left UNTOUCHED more often. So when people fish out all of the stonescale and Mithril bound trunk nodes they are spawn-replaced by 50% oily blackmouth and Firefins..... hence the need to fish them all out the fist time round.

8) I tell you now, because I have been doing it and have enough money :). Spread the wealth I say ;)

Phaz