Every body of water is inhabited by a spirit, or a number of spirits. The sea is teeming with faeries such as mermaids, mermen, nymphs, and elementals, etc. They control the weather and the water, raise storms, and have the power to cause a shipwreck, drowning, and death.
In ancient times, it was the practice to placate the spirits of the water with a sacrifice before setting sail. Even today, we break a bottle of champagne over a new hull. If the sea spirits were denied their tributes, they would take another by sinking the ship and taking the souls of the sailors to dwell with them. For this reason, sailors have always taken many precautions so as to not offend the spirits.
They often had tattoos of nymphs, tritons, and mermaids, and would avoid saying the word pig or swearing while on board. If this taboo were broken, they would have to stick an iron knife in the mast to avert the ill fortune.
In honor of Ran, the queen of water faeries, sailors wore a piece of gold in the form of an earring. When bad weather threatened the ship, they would throw it in the waves to placate her. She was originally a Norse goddess, wife of Aegir.
Any body of water is an entrance to the Otherworld, and there are numerous tales of faery kingdoms under lakes, or the sea. People frequently made offerings to the spirits that dwelt there by throwing the offering into the water. Hoards of such offerings have been found in lakes and bogs, consisting of brooches, pins, swords, shears, etc.