What happens when a ship is wrecked ? What happens with the ship, cargo and the player ?
It depends on what kind of ship we are talking about and also on what mode you are playing.
For now in SP mode we want to go easy on the player, so even if your ship is destroyed you don't lose anything. I think it would be just too much. But in multiplayer it is entirely possible for server admin to make it a hardcore server where you would lose your ship if you are destroyed. So, you would be able to destroy other player's ships and loot their wrecks.