OK- since I am a shipnerd, I put this pic up on my favorite shipnerd site to see if anyone could give a firm ID.
Got this within 20 minutes:
"The ship is IJN Kaibokan Type D (escort destroyer) "No. 134" under attack by North American medium bomber B-25 near Amoy, China, 6 April 1945.
Japanese convoy HOMO-03 left Hong Kong enroute to Shanghai, consisting of Kusentei (subchasers) CH-9 and CH-20, Itto-Kuchikukan (1st Class destroyer) IJN Amatsukaze, Kaibokan (escort destroyers) Coastal Defense Vessels No. 1 and No. 134, Tokai Maru Number 2 and Kine Maru on April 4, 1945.
Attacks by US Navy Martin PBM-5 Mariner flying boats, 5th Air Force Consolidated B-24 Liberators and Lockheed P-38 Lightnings on April 5 sink the two transports, and the convoy breaks up. The subchasers return to Hong Kong while the destroyers head for Amoy, China. Enroute, CH-9, CH-20 and No. 1 are damaged by another wave of B-24s.
The next day, the three destroyers are found by twenty-four B-25s of the 345th; the Americans volunteered for the long over-water flight from their base at San Marcelino, Luzon to the Japanese ships off the China coast. Lt. Mikell scored a near-miss with his delayed fuse bomb; Lieutenant Francis Thompson strafed the ship; the flight leader scored a hit amidships. No. 134 rolled over to starboard and sank, her surviving crew abandoning ship to the shark-infested waters. No. 1 was also skip-bombed and sank. Amatsukaze was beached a mile away on a reef, but slipped stern-first into the sea and sank."
So there you have it.
Another shipnerd pointed out that the ship was being skip-bombed... this is where you drop the bomb from low altitude and it skips across the surface of the water like a stone, into your target.
So that series of splashes is not torpedo but a bomb being skipped, and the pic was taken by the B-25 that dropped the bomb.
damn, that's a lot of info from just one picture...i mean, there's not even a boat number on it!