Long ago, a captain had a teleport ring made which would lead him back to his ship. The ship sank off the coast of Vvardenfell and the captain and all his crew drowned. The ring is still available for the taking, but finding it will take some searching. I have placed some spoilers in the download.
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Long ago, a captain with a ferocious appetite for alcohol had a ring made which would teleport him back to his ship after a long night of drinking. Stories say the ship was grounded off the coast of Vvardenfell during a nasty storm and the captain and all his crew were drowned. The captain's body was believed to have never been found. Neither was the ring.
The exact location of the ring is mentioned in the read me and I have also placed a few screenshots in the Spoilers folder to help.
This .esp has been cleaned with Morrowind Enchanted Editor.
Note: One thing I didn't mention in the read me was the name of the teleport script, entitled "teleportScript". As a new modder, I just realized this is a very generic name, and may or may not conflict with a script of the same name. If it does, please let me know here and I will fix it.