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I had this problem when I first installed the game along with no working teleport totems.
Also had another glitch that left me stranded on Padres whenever I ended up there. Couldn't board a ship there and could only teleport to friends ships provided that they were not sailing close to padres. Also frequent crashes when sailing close to padres.
Turns out that both issues were related to my outdated video card and drivers. Installed a new video card and reinstalled the game and it fixed the problems.
BTW I made it all the way up through the pearl quest and my boss battle with my first pirate without having the ability to use teleport totems, had to sail everywhere I went.
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