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According to Tracking Quest - First - Dread Ship Vazuvius and Tracking Quest - Daily - Dread Ship Vazuvius, players can only receive loot from killing Vazuvius the first time each day. Additional kills only award Timeless Coins and an Epoch Stone (if the player is on the related quest). The first kill also awards a greater number of Timeless Coins than subsequent kills.

The best way to fight Vazuvius is to be under it because none of the mob's abilities can hit you. The mob has a kind of shield around it that knocks players back if they come too close, so players will need to swim down the side to the bottom, swim across until under the mob, and (for melee classes) then swim a bit up. Think of it as a "U"-shaped path.

IMPORTANT: Don't forget to come up for air! If you haven't yet looted your very own  Cursed Swabby Helmet, then politely ask a nearby warlock for  Unending Breath.

At the Cursed Gravestone, use  Mist-Filled Spirit Lantern (which drops from Evermaw) to summon Dread Ship Vazuvius.