Absolutely correct! The British ship Cumberland was captured by the French in the battle at the Lizard, who sold her to the Genoese, who sold her to the Spanish, who lost her to the British, who sold her to the Austrians... The other ships are the French Lys (a two- and not a three-decker, as the painting implies) and the frigate Gloire. The man jumping from Cumberland is a French sailor of Lys, who managed to grab the British flag, despite being pursued by four enemy soldiers. The floor is yours!