"The smith plunged the hatchet into the icey ocean water while the metal was still molten. Steam seeped above the waves as the ocean cooled the metal. This weapon was borne in the ocean, and it would forever be tied to it."
Bind On EquipTierVScales With:STR 90%, DEX 65%4.0Weight3000Durability
We can't find any source for this item (quests reward, drop, etc). It's highly probable this item is not obtainable right
now.
It seems that the New Wavebound Hatchet is obtainable.