yes, unfortunately that is what we’re all assuming. there is a picture floating around further up on this thread that shows them both in front of the wave, so perhaps they sacrifice themselves? and are together in afterlife? regardless a sad ending seems likely.
The original story has a happy ending, though. There is no minister's wife in that version, but in the original, Shimcheong is spared by the Sea god, who is touched by her sacrifice, and marries the king. She's reunited with her father, who miraculously regains his vision, and they live happily ever after as a family in the palace.
According to the very first chapter, does shim cheong eventually get sacrificed in the end? Or am I just misunderstanding something? ╥﹏╥