Look for the captain's signet ring in The Seafury Hideout near the boat docked in South Freeport; the zone-in is at ( -285, -57, 133 ) Copy/waypoint -285, -57, 133
Right-click on the shovel at ( -5, 1, -14 ) Copy/waypoint -5, 1, -14 (in the corner at the bottom of the stairs) and select "Grab Shovel" (this will break invis).
Go up the stairs, go to the far left corner ( -8, 6, -25 ) Copy/waypoint -8, 6, -25, right-click on the dirt and select "Use Shovel" (this will break invis).
Take the key downstairs into the barracks, right-click the dresser ( -4, -1, -35 ) Copy/waypoint -3.5, -1.2, -35.4 and select "Use Key" (breaks invis).