To start this quest you should talk to Cap'n Ablewether. You will find her inside the room located on the second floor of The Black Bull tavern.
We encountered a disturbed sea captain named Ablewether at the Black Bull Tavern. She claims to be haunted by the bells of her lost ship.

1. Captain Asked To Stop Bell
Captain Ablewether asked us to try and stop the ringing ship bell that torments her.
2. Talked To Stubbs
Talk to Spirit of Seaman Stubbs.
The spirit of First Mate Stubbs is tormenting his former captain, Ablewether, with the sounds of his bell.

3. Bell Stopped
Persuade or consume Spirit of Seaman Stubbs.
We managed to stop the spirit of First Mate Stubbs from ringing the ship bell.
4. Got Location Of Compass
Talk to Cap'n Ablewether again. She will mark shipwreck's location on your map - To the wreck of the Peacemaker.
Captain Ablewether told us where her ship sank - west, along the coast. It supposedly contains a magic compass.
Location of Captain's Compass Amulet.


4.1. Quest Reward

5. Captain Dead
Kill Cap'n Ablewether.
Captain Ablewether is dead. Given how burdened she was with troubles in life, perhaps her spirit still lingers nearby.
6. Source Sucked Captains Ghost
We consumed the Source of Ablewether's spirit.
7. Captain Dead No Ghost
We returned to Captain Ablewether, only to find that she's dead. Her spirit doesn't linger nearby either - we have no way of helping her any further.
8. Close Left R C
We have set sail from Reaper's Coast, without bringing Captain Ablewether's matter to a close.