How bad is it? Complete rip-off of better films, with no budget.
Should you see it? No.
This had "crap" written all over it, being directed by Jim Wynorski and with Erika Eleniak and Ice-T as stars and... it is crap. Stealing from every film done on a ship, the only enjoyment is trying to trace the origins: Titanic, Under Siege, Speed 2, Juggernaut, Beyond the Poseidon Adventure and Last Voyage. Watch any of those others. Dylan Walsh, Claudia Christian (and I think Barbara Eden - I'm not going to bother to look it up) are in it as well. The plot has pirates - always referred to as terrorists - attempting to hijack and rob the restored twin of the Titanic, the Brittanic. There's no character development, no plot twists, no clever dialogue and it's obvious that much was not filmed on a ship (concrete walls?!) so no reason to dredge this up.