Currently available online and in store from TRU at $19.99, the 5901 Ghost ship is a variation on the pirate 4444 ship that appeared last year. There's slightly less in the 5901 set, and 4444 currently retails a couple of dollars higher.
Like 4444 the ship comes with a crew of two, both new klicky designs, and one cannon, but has sufficient hand and foot holds to carry seven: four secured by footholds on the deck, one holding the tiller (so he doesn't need a foothold), one holding onto the bottom handhold on the mast, and one at the crosstrees (near the top of the mast) as a lookout.
There are also three different places to secure the cannon, so it would be possible to carry three in total, though this would cover two of the crew securing points (front lookout and bottom of the mast).
Side by side the 4444 behind has a lighter-color deck with a dark grey hull. The 5901 has a reddish-brown hull, the deck being the same shade dark grey as the 4444, as close as I can tell.
The two ghost klickies have the new "phantom" style faces, one with an eyepatch. The long coat prevents the righthand klicky from bending his legs fully, but no big loss as he'd be standing anyway. The coat is split at the back so he can still ride a horse.
The second klicky has a rusty heavy bladed sword/cleaver for his belt, but curiously a standard silver cutlass for his back scabbard. I'm not sure why the didn't go with the 30 29 4900 rusty saber for his second weapon.
The ship fittings are the same gold/brass as the original 4444. It would have been a nice touch to produce these in silver, which to me seems more ghostly and spooky, or in a rusty brown to suggest decay and neglect. The tiller matches the decking, and is not the same color as shown on the box.
The sail is ragged and dark grey, but the pirate flag is the same as on 4444. An even more delapidated version would have been an improvement, but probably not worth the cost of a producing a new part.
Like 4444, the deck can be lifted to provide a small storage space behind the mast and at the prow, not big enough for a klicky, but big enough to store pieces like weapons and projectiles. There is a small expanded polystyrene float in the stern, which is presumably enough to save the ship if it capsizes.
Overall I think this set is marvellous value for $20, and even if you don't like the Ghost pirates the ship parts now permit four combinations of deck/hull for this design. I think this ship is a very good size for travel & play, being more portable than the bigger ships.
I consider the 4444 a cutter, a small but fully seaworthy vessel with fore-and-aft rigging and steered with a tiller, ideal for shallow waters, coastal defense, smuggling and the customs service. In "Flying Colours" Captain Hornblower captures and sails a cutter, and we learn that it carries ten guns (probably five each side) and has a small cabin and hold. As the bigger ships have been scaled down for playability and affordability, so this ship with the possibility of three cannons fits nicely into the line up. Hornblower's cutter was bought back by the Navy as a prize of war, for $4,000. As he had only two companions at the time of capture he earned $2,600 in prize money, a very handsome amount of money in those days.
