Notes

Alright, so we can start with Thorin and his company. Thorin, obviously is the captain. He is the lord of one of the seven seas, because of the dwarf lords and the seven rings yadayada, you get it. It's generally the same mission as in The Hobbit but over seas. He's on his ship, The Last Light, with his crew (the company). Dwalin is second in command, Fili and Kili are the lookouts, Bilbo is like half siren (Thorin is constantly suspicious) , so he's the one that dives for them, and Bofur is entertainment. What's basically happening is they're trying to find their sunken ship, Erebor, and get the Arkenstone from within, but the ship is inhabited and protected by the sea serpent Smaug.

Thranduil and Elrond (who did not agree to this) have their own ship, The Oropherion. They're trying to find the shipwreck before Thorin and his company get to it so Thranduil can take the gems, because Thorin refuses his right to them. Legolas is the diver for them, of course. At a point during sailing they found Bard and his children out in the sea (like how they found Will Turner ya feel) and took him on board as right hand man to Captain Thranduil.

During the entire thing Thorin is at war with Thranduil and his crew of suspiciously attractive pirate archers, and Azog occasionally tussles with them. His ship is The Defiler and his crew is gross orcs who are irrelevant.