Has ACIV's ship sprung a leak?

It seems that the good ship Assassin's Creed has sprung a leak. If emerging reports are to be believed, the next core entry into the series is to be called Assassin's Creed IV: Black Flag.

Black Flag was originally mentioned earlier this month, described as DLC for Assassin's Creed III, and supposedly set on the high seas and involving the British Admiralty hunting down ACIII hero Connor Kenway.

It now appears that while the "Black Flag" part of the title was accurate, the rest of the details were wide of the mark. According to reports Black Flag will actually be a full game, rather than content for an existing one, and rather than being a story revolving around the pursuit of Connor, it's actually to be about Connor's grandfather, Edward Kenway.

Described by the Examiner as a privateer, Assassin and occaisonal pirate, Edward Kenway is the father of Haytham (what a messed up family if that turns out to be true).

If these emerging reports are accurate the story is to be set in the Caribbean on several different islands (including Jamaica and Cuba). A post on Kotaku clearly shows a pirate setting, but offers no other details other than suggesting a launch sometime around March of next year.

Guess we'll just have to wait and see what Ubisoft has to say on the matter...