“The Song” by Rob Rosen from Queer Fish: An Eclectic Anthology of Gay Fiction (Volume One), Pink Narcissus Press (2011). Edited by Margarita Bezdomnya and Rose Mambert.
There’s a twist to this story that I didn’t see coming, and probably should have, all things considered. The narrator has bought passage on a ship that will take him close to an island surrounded by breakers upon which many, many ships have mysteriously wrecked. The captain of the ship he has hired suspects pirates are to blame for the wrecks, but the narrator has another idea, and a plan. If his theory proves correct, he will collect all the treasure lost when the earlier ships broke apart, and be rich beyond his wildest dreams. But if he is wrong, and the area really is controlled by pirates, he will most likely lose his life.
Of course, he discovers that it’s not as simple as all that.