The black ship starts at Port Royale as the Ghost Ship. It starts with a ship's hold board with 5 doubloons in one hold and 3 in another and the Lady Beth card.
This card can never be stolen. After the two players move, the Ghost Ship moves twice as determined by the action dice. It never pays any costs.
If it is leading the race it must move backwards; if last, it must move forwards; if otherwise, the Captain chooses (he may even make it attack his own ship).
The Captain also chooses the direction the Ghost Ship moves if there is a fork.
The Ghost Ship takes treasure from pirate lair spaces if it is there. The treasure is left facedown (the players may not see it) and placed next to its holds.
Battles are fought normally, with the opposing player rolling the combat die for the Ghost Ship and taking any decisions required if it wins.
If it wins, it can steal whatever it wants, however anything other than doubloons is thrown into the sea (returned to the bank). Doubloons are placed in its holds according to the normal loading rules. It can also steal treasure cards, but never gives any away.
A player who wins fighting a Ghost Ship may steal the contents of a hold, steal a treasure card (except the Lady Beth) or give it a treasure card.