It's an amalgam of odd artistic elements. A bar code, a compass, a "cool" font, and celtic knots. It is an eyesore currently.
I do like the water effect though, maybe that element could be explored a little more? I also like the compass. Maybe get rid of the boasts and the barcode. Put the compass to the left and have "The North Pacific" in simple font with the water background (though a little smaller in size), and something else to frame the whole thing? Simple and elegant should be the goal.