Wreck-Diving.org

Yes. During WW2 the early Kaiser Steel "Liberty" ships were welded together to save time (rather than be riveted together) and many sank due to the heavy waves of the North Sea.

I’m not sure I agree with the other answer.

When there is a fault, such as the bad welds on the liberty ships, or rotting timbers on an old sailing ship (another common failure), then failure occurs from the pounding of the waves during a heavy storm, not from simple water pressure.

If the failure mechanism has much longer to develop, then perhaps simple water pressure would cause a failure. But the pressure and other forces (constant flexing) from a storm will always cause the failure to occur before that can happen.

Liberty Ships failed when the mid section was atop the crest of a wave, the bow and the stern were in mid air, the welding could not withstand the stress and the ship’s back broke. If the hull of a sip is very weal due to age or dry rot, water pressure on the hull can can cause the hull to founder.