They spell the name of this wood two ways, Marlogue and Marloag, even on the signposts. Still, it is easy enough to find and I recommend turning left off Belvelly Bridge and taking the scenic route, though it does get very narrow as you near the wood.
Having found the car park, walk down past the barrier. A few hundred yards later, you come to a clearing. You may keep straight on but, to do a loop, turn back sharp to your right and go downhill to the shore. Go left here, as right is a long difficult walk to Cobh!
By going left, you come to the East Ferry marina and see the little church on the opposite shore. Sunday morning, a few boats were lazily leaving the marina and some people were fishing. By the way, walking on the shore requires really decent footwear.
Keep an eye out on the shoreline for a gap that will bring you back up the trail. If you are thirsty or hungry after the exercise, the Marlogue Inn, with ample parking and a great view over the shore and water, is on your right, just after leaving the woods.