The middle book of a good series. 
 Ky tries to pull things together. She's got two ships now and a rather bold idea. "A combined fleet of privateers" to fight the ongoing thread of pirates. Feeling her way into her new role, facing opposition , losing contact with her cousin, running a business all the while trying to get her idea to work. 
 You learn more about what makes the characters tick and what they feel about it all, but it is really the middle book and there is a bit of a slump compared to the previous two in the series. By far not enough to stop here, but enough to be noticed. 
 A good book, but part four will be better.