Pirates
(1986)

The movie ends like it begins:

Captain Red (Walther Matthau) and Frog (Cris Campion) are alone on the sea.

Before, Captain Red has managed to get the throne of gold on a small lifeboat.

Because of the priority of Red's greed, "Frog" has not managed to get his love Maria-Dolores (Charlotte Lewis) or to kill Don Alphonso (Damien Thomas).

Thanks Tilman!