Plot hole: After the small boat blows up, all the characters are off the big ship. They magically appear back on top of the main ship, but had absolutely no way of getting up there. (00:46:50)
Suggested correction: Wasn't Murphy still on the board of the big ship during the explosion? He could pull them on the rope or something.
What rope? They got up on a crane. Some soaking wet natural fiber rope from the 60s? What about the injured guy? Nah.
Plot hole: At the end, there is an explosion large enough to destroy and sink an entire ocean liner, but Julianna Margulies, who was sitting right next to where the explosion went off, not only lives, but is virtually unscathed? Yeah, right. (01:19:00 - 01:20:35)
Plot hole: The crew of the Antonia Graza is shown blowing off the door to where the gold is by putting an explosive on the INSIDE of the door. What was the purpose of blowing off a door AFTER going inside the door, planting the explosive, then going back out?
Plot hole: Ships only steer when moving 'through' the water, not while adrift (moving 'with' the water/current). So the whole idea of fixing the rudder to steer away from the rocks without any propulsion is nonsense.
Plot hole: After the tugboat is sunk, the crew try to repair a very old ocean liner - the ghost ship - using equipment that could only have come from the tugboat, which had the latest scuba gear and welding gear, but they are all at the bottom of the ocean in the blown-up tugboat.
Suggested correction: The salvage crew are shown very early on bringing a variety of equipment onto the liner long before their own ship is sunk. It is obviously intended to insinuate where the salvage gear required later came from.