Here, you'll spawn in the forest near the ocean shore. Just near the shore, you'll find a tier 2 shipwreck at coordinates 67, 47. This ship lies on the underwater ravine, at the bottom of which you will see a massive lava pool. That is the reason why there are so many bubbles whirling around the ship.
Inside the wreckage you will find a chest with some enchanted gear,as well as another one with the map to buried treasure at coordinates 393, -103: