Grand Maritime Union
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The Grand Maritime Union is a Trading Company that exists outside of the Sea of Thieves. Its existence has been mentioned a few times by the inhabitants of the Sea of Thieves. They are considered to be the in-game equivalent to the East India Company, and the Devil's Shroud may be the only reason why they have yet to be seen in the Sea of Thieves. Their anti-piracy activity may be the reason pirates have fled to the Sea of Thieves.
It is shown in the Sea of Thieves Origins 2: The Bonds of Union comic that the Grand Maritime Union's fleets are too large to sail through The Devil's Shroud safely; the majority of the single fleet they sent through were destroyed by The Devil's Shroud and those that made it through still afloat were quickly sank by pirates, leading to the creation of the Merchant Alliance. Ramsey Singh may only entrust worthy pirates with venturing into the region, preventing the Union from ever entering.
It is known that either some or all of the workers at the Pirate Emporium work for the Grand Maritime Union and have previously worked for the Gold Hoarders. This suggests that the Pirate Emporium's trade and cargo is collected and funded by the Grand Maritime Union. Goods may be collected outside The Sea of Thieves and ferried in via small ships.
Worth noting is that the Sovereigns all possess clipboards which display the Grand Maritime Union insignia at the top of the papers, hinting that they may possess ties to the company in some significant way.