This is one of several interior illustrations Ned created "The Terrors of the Sea" a collection of previously unpublished stories by William Hope Hodgson, editied by Sam Moskowitz, and published in hardcover, 1st edition, by Donald M. Grant, 1996 (I'm showing the published cover as reference).  The art is handpainted in oil black and white/monochrome on acetate overlay mounted to board,  24" x 19"  It's one of many such mesmerizing images Ned created for Hodgson's stories!