The current spawn is just off KH to the front left of the KH doc (when on a boat looking at KH). The problem is that until it is killed it is off sailing towards Padres, makes a turn then heads to outcast, then stays around there.
If a friend can sink her at outcast, and your at KH, then you catch her respawning. But - if you doc at KH to unload booty do it VERY QUICK. It respawns fast and sails even faster! By the time you doc as soon as you sink it (if your RIGHT at KH, it will almost be a 1/3 of the way back to Padres and you may have to chase her (which is why for the quest - I didn't bother docking once I was full... I just finished the quest).
G/L matey
