Spanish Treasure Fleet
I belong to another forum on pirates -- and it is known [there] that the treasure fleet thingie in the game [T2] is broken. Once you find and defeat the treasure fleet, it is gone forever, and the barmaid keeps telling you it is going to the same town, but it never arrives. Possilbly a patch will come out to fix this.
What a collection of idiot want'a-be pirates! Broken game and patches - s h i t. I think by the time of the Spanish-American war someone will have blown your pirate kingdom island away.
If you "beat the fleet" once in a game, you understand gameplay to an excellent level. Start a new game you idiot joker! If that doesn't work, reinstall the game.