Best I can make out from the coordinates, 37 07N 04 38E is about 12 to 15 Nautical Miles off the coast of Algeria somewhat to the West of the city of Bejaia. This would tie in with a convoy leaving Algiers for Bone (Now known as Annaba). Without access to maritime charts of the area, I can only guess rather inaccurately from my world atlas at the colour coding for the depth off the coast, and it looks like 100-500 metres depth. All that area of Algeria seems to shelve off fairly quickly to deep water. Hope this helps some until you get more accurate info.
Regards
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