I love it, reminds me of the old day's at C-64, when you did not need a sound and graphic orgy to have a highlight like "fighting the behemoth", or "gambling in a floating pirate nest".
The successive events and permanent decisions you have on youre journey make it fun to play for a long time. Really good.
Suggestions to improve the gameplay would be less line-spacing, e.g. the parameters of the ship could be displayed in a panel to the right, so they do not need "scrollspace" and are visible all the time (means you dont have to scroll up manually to see youre ships status. Also little individual graphics for each town would be nice to describe its particular flair...esp. the floating island. Same for the special eventes like finding the treasure or so :-) thereby rewarding the player for solved tasks.
Have to report my game stopped having suddenly no more to click after i repaired it in a dockyard.
Another suggestion: Maybe the log tells too much of the surprises ahead, so it could be a idea not to display the tasks that you dont know of. So only show them in the log after you have learned of them.
But all in all really fun and entertaining to play!