The Flying Dutchman is a legendary ghost ship that can never make port, doomed to sail the oceans forever. The myth is likely to have originated from nautical folklore. The oldest extant version dates to the late century.
The ship and sky are black and white while the ocean has a blue overlay. Or the photo was originally color and the ship and sky were layered black and white. It is a striking effect, though I might have upped the contrast on the ship.