Well spotted,
@Perro Negro!
That has not been a problem while playing the game in English, probably because it is the last line. It would certainly cause trouble if someone were to extend the storyline and add further dialog to Sir Edward Pellew, so it is well to correct the mistake now. I've corrected the English version and copied your revised Spanish version into the update. Nice timing, too - I was about to upload the update and checked this thread to see if there were any final additions.
In English, at least, he gives a course of East by South. This is correct. He is referring to a 32-point compass system. East by South is 1/32 round from East, in the middle between East and East-South-East. If the Spanish Wikipedia article on the
compass rose is accurate, this should be translated as Este por el Sur.