Equip the torch, then loads the bullet, then you right click the gun and give it to the option that comes
Nope, no joy. I followed these exact steps this time.
1) Destroyed the torch and cannonball I was carrying from my last attempt.
2) Went to ship
3) Patiently waited until the animation was finished
4) Picked up torch and equipped
5) Pick up cannonball
6) Click on cannon and select 'examine' (cancel is only other choice)
7) Drop item box appears, put cannonball in box
8) Click 'load'. Nothing happens. Box does not even close.
Curious, how long ago did you complete this quest? Has anyone done it recently (in the last day or two)? If it's just me, I'll put in a support ticket.