Items of historic ordnance are occasionally caught in nets in many parts of the world that have experienced previous (or ongoing) conflicts, making the already hazardous work of commercial fishers even more dangerous.
While submerged in water, the components within explosives can separate and become extremely unstable if they dry out. Other chemicals, such as phosphorus, can spontaneously ignite in contact with air, creating toxic fumes.
In this instance, the ship’s crew were unaware they had unexploded explosives on board. But if you are in doubt, do not touch it or try to throw it back over the side. Keep the crew as far away as possible, increase your vessel’s watertight integrity by closing all weather-tight and water-tight accesses and contact your regional emergency services and follow their directions. Reduce your speed and steer a course that minimises boat movement. More guidance has been published by the UK’s Maritime and Coastguard Agency in MGN 323 (https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/440107/323.pdf)