I reckon it was the work of wreckers, who placed a light on the cliffs at Sidmouth to run the ship aground, in the hope of getting their hands on one of those BMW motorbikes rumoured to be on board.

"Give us a wreck or two, good Lord
For winter along this coast is hard:
The grey frost leaves but nowt alive
No bike in the garage, no car in the drive.
One rich wreck is all we pray,
Busted abroad at break of day,
Broken and splintered upon the reef
With cars and bikes to calm our grief!
Lord of rock and tide and sky,
Heed our call, hark to our cry!
Wine by the case, beer by the cask -
A new BMW is all we ask."

Ahaaaaaaaaarrrrrrhhhh!