Captain Vanessa Beltis was stranded on the southern peninsula of Azshara, but Roland Geardabbler and several Horizon Scout crew members appeared to be trapped aboard the ship with Roland keeping everyone alive by channeling some type of water breathing aura, which was visible around himself.
In the stairwell of the forward section, there appeared to be a small chunk of Azsharite on the floor, which may or may not have been part of the reason for Horizon Scout's sinking. It was most likely the nearby naga that sank the ship to prevent them from leaving so they could find what they were looking for from the humans.
The ship itself is unqiue in that the interior is designed unlike any other ship models currently in-game.
The area was most likely intended to be similar to that of Faldir's Cove in Arathi Highlands, in that both factions could help a group of trapped sailors from the hostile nearby naga, but rather than waves of naga appearing at the end of the chain the naga came in waves to open the chain of quests. However, it was abandoned and only the quest  remained.