I’ve been given the caravan instance twice. I ran around and fired the ballistas and killed the crabs, then I zone back to Khemi with the instruction to investigate the ship’s bow.
I see the caravan master and he sends me to another instance.
There are several (9 according to the Master Caravan Guard achievement + 1 
) different encounters for the caravan to gateway to Khitai.
If you zone out of there, you are likely to get a new one if you go again.
For demon of the deep, you talk to the captain of ship (on the ship) after the caravan master asks you to check the bow of the ship. Do not zone anywhere. Go to the front of the ship, this starts the attack of the demon from the deep. Use the ballistas to kill the monster (you get attacked by crabs on the boat), and if you hit the monster enough, he goes away without sinking the boat. Good luck!
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My mistake: I didn’t notice the quest failure message.
My mistake was that I keep failing the quest, not notice the message, and then sent to Khemi with the quest telling me to investigate the bow. Once, it wouldn’t even let me back into that zone. And once it let me restart the quest, but then I failed it again.
Not sure what I am doing wrong, but the quest is normally buggy and not broken, I guess.