I had trouble getting started on this one, so I tried some standard transforms to see if they would generate any ideas -- in this case, I used rectangular to polar and noticed that a section of the center looked like a shot up through the ship's rigging. I copied that section to a new layer and then copied it again, flipped it horizontally and joined the two layers. I selected the sky with the magic wand and masked it so a new sky made with render clouds and render lens flare would show through. Chris' remarks on the picture's origins gave me the idea of making the Swedish flag and flying it from the now somewhat surreal mast. I then added some shading with a black to transparent gradient layer to finish it off.