This has probably been covered before but I could not find anything similar.

The key is getting a "water walk" scroll from the magic shop.

To do this after you have created a character go to the magic shop door, SAVE your game before entering the shop.

Enter the shop, click on "Buy Special" look for the Expert level (multicolored band) Water Walk scroll.

If there buy it.

If NOT there (This is important) DO NOT save your game!! Hit the Esc key till you get to load game screen, load the game you initially saved, look for scroll, if not there keep repeating the process until you get the scroll.

I have gotten the scroll on first try, and also after looking at 50 scrolls. The average is about 20 scroll checks.

Only save your game AFTER you acquire the scroll.

Then make sure you give the scroll to a magic user (if not you then any of the magic users at the Adventurers Inn),
go to the north shore behind the hot where you buy Tobersk Fruit (it is close to the magic shop), you will se the ship and dock, activate scroll, walk to the teleporter on the right side of the mtn, activate it to go back to town, then turn around, active it again then make your way to the ship.

Might and Magic VIII: Day of the Destroyer

I'd like to go behind the hot too and ask that you either reveal what this game is, or post in the game relevant forum.