Excuse the poor MS paint quality. When I get home today, I'll reinstall photoshop for a proper one.
Location: East of Dhalmora at Bal Foyen
To get to Bal Foyen, you have to do the starter island, Bleak Rock. After that, you sail to Bal Foyen.
Just run around a circuit and gather everything you can.
Chest spawns every 5-10 minutes.