This one's called SeaFall.
From the post:
SeaFall is a 4X game (explore, expand, exploit, and exterminate) set in an age of sail world that is reminiscent of our world. In SeaFall the world is just starting to claw its way out of a dark age and has just begun to rediscover seafaring technology. Players take on the role of a main land empire who each consult with a consortium of advisors to discover new islands, explore those islands, develop trade, send out raiding parties, take part in ship to ship combat, and more. In fact that 'and more' may be the biggest understatement I've ever made. Just as in Risk Legacy, SeaFall will evolve as player play it. Players will become personally invested and the game will remember their grudges. The narrative will swing as players open up the world. Unlike Risk Legacy it does all of this without being tied to the Risk license and gameplay engine. SeaFall will be a medium-heavy weight gamer's hobby game with original game play systems. Expect the epic. The game is slated for release in 2014