I think i know why there are no merchant ships in the carribean..
 

Well i think i know why there are no merchant ships in the Caribbean. its becuase the eitc told everyone that they are the only ones who could trade. It would give then absolute power over the Caribbean, and they could stave anyone who would fight against them. Of course, the navy helps them. What do you guys think? it would be just like the eitc to do that.

sounds about right to me... not to mention Lord Becket controls Davy jones and his undead army so they would help the EITC too...

I thought that middle-class ships (sloops, galleons, frigates) were merchant ships.. o_o

well they do control trade in the british colonies in the Caribbean and the crown is behind it so they can do that. another reason is that it might be rated higher (by esba) for attacking civilians which is more accurate to the period.

There were actually plenty of other smaller companies that resided within the Caribbean, though not as nearly prominent as the East India Company, like the Dutch West India Company.

I'm guessing the reason they don't want to open up new merchant ships to plunder, is because then they may be obligated to create a whole new brand of enemy in the game - also meaning the revisement of many quests, the opening of many new quests, new places, etc., all of which one update probably can't handle.

Yeah and what i said is pretty realistic to, so there probably going to be no merchants ever.

^ You never know that. The game always give a twist!