Is the supplication of the drowning person (du'a al-ghariq) authentically transmitted and valid?

There is no authentic, specific supplication for a drowning person. However, it is narrated in Musnad Abi Ya'la, with a weak chain of transmission, from Al-Hasan ibn Ali, may Allah be pleased with them both, that the Prophet, peace and blessings be upon him, said: "The safety of my Ummah from drowning, when they embark [on a ship], is to say: 'In the name of Allah be its course and its anchorage. Indeed, my Lord is Forgiving, Merciful.' [Hud: 41] 'And they did not appraise Allah with true appraisal; and the earth entirely will be in His grasp on the Day of Resurrection, and the heavens will be rolled up in His right hand. Exalted is He and high above what they associate with Him.'" [Az-Zumar: 67] It was also narrated by Al-Tabarani from Ibn Abbas.