Unable to operate properly near ocean shipwrecks / will cause game lag or crash

Game would not respond properly when near an ocean shipwreck.

Player can move around the area but most of the tasks cannot be done.
E.g.:

• unable to open chest but able to break it - no loot would drop.

• activities like firing rockets can be carried but will then animate forever midair.

When re-logging into the world, the game is lagging quite horribly. Saving / closing the game last for several minutes until completed. If game is not being closed manually it will crash finally.

Once game has been fully restarted everything is back to normal without any issues until next shipwreck.