View this artwork by appointment, at Tate Britain's Prints and Drawings Rooms
Drawn with the page turned horizontally, this is possibly one of a series that includes folios 3 recto and 12 recto (D03996, D04006), with pencil used as a tonal rather than a linear medium, and some white heightening. All appear to be views near the sea, though the geography differs in each. Here the flat landscape and the presence of a hulk suggest a location in the Thames Estuary.
Offset from another page, perhaps not folio 127 recto opposite (D04145; Turner Bequest LXIX 128), suggesting that a different page may once have followed this one.