Stand at the edge of the trapdoor and turn around so Lara's back is toward the opening. Then, when you hop back into the water, Lara will already be facing the direction she needs to go.
You can try and kill the 2 sharks and 3 barracudas that get in your way, or just out-swim them. If you do stop to fight, you'll need to return to the trapdoor to get air.
Swim down and forward, with the metal hull of the ship on Lara's right.
Where the sea floor slopes upward, follow it up and around to the right through a wide opening in the rocks.
Continue forward with the windowed section of the hull now on Lara's right.
About halfway along the bank of windows, the ground slopes upward then abruptly downward. As you crest this little hill, swim down and to the left. . .
. . . to find the CABIN KEY sitting in a flat spot near some small plants. (It's a bit difficult to see in the screenshot, so I've circled it.)
Grab the key, roll and return the way you came: First head forward toward wrecked ship, then turn right so the hull with windows is on Lara's left.
Swim past the windowed area.
Then down and left into the wide tunnel in the rock.
Continue down and forward through the tunnel.
Keep swimming forward with the metal hull on Lara's left. The ground begins to slope upward here.
The trapdoor is ahead, close to the end wall of the cave just to the left of the right corner. Swim up through it and climb out of the water.
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