A beautiful looking ship, I'm sure you will agree, and if anyone is in any doubt as to its identity, here is a sneaky grab that captures the vessel's name as it passes by the pirate junk.
Sadly, and it must have been fairly soon after it was featured in this film in 1983, the 56-metre ship sank with the loss of all but 1 crew member in the late summer of 1983. September of that year saw the arrival of Typhoon Ellen which blew the hell out of the territory. The Osprey had sailed about 12 miles south of HK in order to ride out the storm but was sunk with the loss of 8(?) crew members. The survivor, Hiraoki Ogura, was picked up later by the Wanshan Islands (about 20 miles SW of HK) after seemingly floating there from the sinking site. Very lucky considering how big the waves must have been and the fact that the waters around HK were notorious (at that time) for shark attacks.
I have no idea if the vessel was ever salvaged or even if the sinking location is known [edit: here is an update on my main blog], but thanks to this film we at least have some documentary video of what it used to look like.