It appears to be a LIFE Magazine photo(?)
The escort profile doesn't look to be a Flushdecker to me. Not sure of the nationality of the escort. One suspect I can think of in the Caribbean area in early 1942, would be the Dutch Sloop Van Kingsbergen had a similar profile. However, the only images I have of her dating the earliest from October 1942. She was assigned to the Caribbean Patrol Force in January 1942. She left the West Indies in April 1942 and went to Norfolk Navy Yard for urgent repairs. She was back in service in October 1942. This is a profile drawing of her before her repair and modifications at Norfolk NY.

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I cannot give you any more info than what you see in these two shots. I cannot identify the plane or the ship in the foreground.
To me, the sinking ship appears to be an Oiler.