The Wood Plank is basically a small Raft 1. It is acquired for free when you abandon a ship as a krew member. It boasts 75 health and one-person krew space.
The Wood Plank, similar to the Raft 1, consists of a flat platform made up of 5 wooden platforms with two beams crisscrossing on opposite sides with a small mast in the center which has no sail, which doesn't make sense as it's the fastest ship in-game.
Upon earning this ship (from abandoning a krew), one would receive 75 health, a capacity of 1 krew (the kaptain) and a cargo space of 200.
With the Wood Plank
As the Wood Plank has the speed advantage against the Trader 1, Boat 2, or even a Royal Fortune, it is best to try dodging the cannonballs as well as run from your enemies. About 80% of the time this would not work, due to overwhelming cannonballs from the enemy krew.
Against the Wood Plank
Using any fast ship, like the Baby Fancy, always make a beeline for the Wood Plank and try to kill it as fast as possible, otherwise the Wood Plank will sail out of range from your cannon. This usually works about 90% of the time.