Yes, I've seen something similar with various 100 gun ships as well. Going to the ship's deck sometimes hangs the game with the same sort of messages in "system.log":
Code:
The device is lost and cannot be restored at the current time, so rendering is not possible
It doesn't always happen, and I usually save game in port just before going to sea, so when it happens I can quit the game (need to either press the "Windows" button to bring up the taskbar and close the game, or press Ctrl-Alt-Delete and use Task Manager to stop it), then run the game again and load the savegame.
But going directly to sea always works for me. On the dock, when the icon to board ship appears, don't press Space or F3 to go to the deck. Press Enter, which should bring up a row of command icons, one of which goes straight to sea. I usually do that anyway; the only time I need to go to deck is if I then want to go to the cabin to do things to the ship's chest or weapons locker, or to the cargo hold to talk to prisoners.