The 28-year-old actor is set to take on the lead role of a first mate, who loses out on being captain of Essex in 1820, reported Ace Showbiz.
The incident has also previously served as inspiration for Herman Melville's 1851 novel, 'Moby-Dick'.
It was recently revealed that Hemsworth will return for a sequel to "Snow White and the Huntsman".
The fantasy adventure film starring Kristen Stewart, Charlize Theron besides Hemsworth, took more than USD 55 million at the US box office over its opening weekend, leading to Warner Bros greenlighting a follow-up.
David Koepp has been commissioned to write the new script, which will pick up after the events of the first film.
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