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STEP 1. There is a large island near Zhangzhou with 2 ports on it. Go to the bottom of it and dig for treasure for free 20k (need lookout). It should be enough money to get you started on a ship/high price items like silk. It's Southeast of Anping
1. Get 2-3 sloops, then a Shachuan for yourself (depending on your preference. Maybe build 2). INVEST IN WAREHOUSES. INCLUDING your crappy starter flagship's Mapping room. Invest in an Accounting room if you don't already have one at the start and put discount Zhuge Liang there, Seriously, just warehouse everything the first chance you get (within budget). Pretty sure one warehouse adds 2 slots and iirc your starter ship only has 3. That's almost twice the amount of loot!
Start by shipping stuff from Zhangzhou to the Black market island and back, or Japan once you get movement speed than Sloops.
2. Invest in sharpnel cannon (i think it was called. The one that kills sailors instead of ships) Preferable in a Shachuan
Solo battle Very easy/Easy bounties and sell off the mostly useless ship building materials (or keep it for later) like general mast. If you need help, try sailing slow/not sailing at all while you turn and shoot them from outside their range (early game enemies have miserable range and damage) or from behind.
3. while doing 1/2 eventually you will probably get prosperous somewhere.
4. Save scum with your jacob's cane. Then dig for treasure/find more sellable stuff. Iirc there should be treasure chest somewhere at one of the China rivers
Other treasure chest locations that are further away but still money.
E111, N20 Island left side of Macao
E122, N39 Northwest of Hanyang,near the
E130, N41 Above Pohang.
OH! And don't forget, you may change the amount of cargo slots in your fleet! From Pier, preparations to sailing or something like this, change cargo - change balance between supply and cargo space. You need like 2-3 supply top this early (set command on needed, starting ship has ridiculously low needed crew and supply demand). 2-3 trips - and you can buy another couple of ships, double-triple your cargo space, and then in no time flat you are going to be rich.
That proved to be a lacking strategy when most of the nearby ports either were normal or were not prosperous. i learned some new pointers about trading, digging for treasure, etc. I decided against trying for bounties as I did not want to accidentally lose a ship. At 30K a ship, maybe that will set me back unnecessarily.
Looking over the comments here, I decided to sell those gold backed items from one region to another (eg. from China to Japan or from Korea to Japan) avoiding selling to Depressed ports. That generated reasonably reliable profits I was able to buy Shachuans whenever they were available in the shipyards. The starter ship was nearly at 70% aging by then, but it still counted as one ship towards the quest completion.
I ended up with 5 ships and about 100K. Thank you for all the suggestions.
2. Sakai in Japan has an equipment shop that has a +1 Shipbuilding item. Give that to Shen Shi to get him to level 3 shipbuilding. You can now modify your ship cabins at shipyards. Replace the map rooms in your extra ships with warehouses.
-Like someone else mentioned, replace the old bowgun with shrapnel canons so you can disable ships rather than sink them. You'll get ship parts & more items.
-As soon as you can, swap your flagship to one of the Sachuans(30k cost). You'll have 2 slots for a forward gun and more HP/cargo space.
3. When you are at the city pier and preparing to voyage. Reallocate your sailors to the needed bar instead of the completely full bar... unless you expect to go into combat. It greatly decreases supply consumption. LIkewise, reallocate your supply/goods ratio. I think 10 days worth of supplies is more than enough for the East China Sea area.
4. I recommend building your first guild in China's Zhangzhou or Korea's Hanyang. They both have shipyards. Zhangzhou's item shop will sell the cabin expansion once you've increased tech a bit(investments). Hanyang has the ship part shop which sells better grade ship parts when you want to start building your own ships. As your investments make the city grow, the shop will offer higher quantities of goods. making each trip more profitable. Start guilds in cities where you want to increase the number of specialties you can buy.