Saw this last night.
Looked like the usual Raymondo boat, but had a different name on it.

Anyway, decided to do Spain a service by removing it from the sea.
Had a typical Spanish captain graphic (with Trade Galleon fencing skill) and 5000 gp in his foot-locker.

I finally had a game where the Evil Spaiard showed up, just outside Santiago. I captured his ship and when I attacked Santiago, it had 0 soldiers. I'd never seen that before.