Old plane (a sea plane at that) operating in a corrosive environment (sea water/tropics) ... I am thinking wing-spar failure.
the spar failure probably ruptured and ignited the tank ...
Chalk's has been in business a very long time, and their reputation for good maintenance (and obeying FAA regs) is sound, so I don't put much stock in that particular theory. Besides, the eyewitness reports I've read so far reported smoke first, followed by an explosion. The wing was seen to depart after the explosion, not before- if the main spar had failed in such a manner, the wing would've come off right away.
But what do
we know about it... didn't even see it happen. Terrible news.