First off, I very highly recommend the series; I think this is the weakest volume, but I could not put it down, and the moment I finished it I started the third volume.
Spoiler: picking up from my review of the first volume, my main problem is with the long delay of consummation between the couple. It doesn't really happen until the third volume, and given that this book consists mostly of a four-month long sea voyage in which the two would-be lovers are trapped in a cabin together, bored out of their minds, the delay becomes an exercise in extreme frustration for all involved. It reminded me a lot of Dynasty of Ghosts, which also took hundreds of pages for the couple to finally get together. Admittedly, I think I have a personal problem with overly missish male heroes who run from sex and must be endlessly pursued by their excessively patient lovers. I start wishing the story would veer into non-con territory and have the more experienced of the heroes just throw the other guy down on the bed.
That being said, there is plenty of high-seas adventure and character development here to make this overall a very satisfying read. For MM-themed high fantasy series, this is definitely one of the best I've read.