I love the panning and flanging. It captures the ebb and flow of the ocean really well. The melodies fit like a glove all-around when they come in.
I don't get a huge sense of story out of the music. However, I can easily imagine the music being expanded to fit a short (J)RPG or visual novel game.
Great job. The music has a lot of potential if you wanted to turn it into a longer/larger collection.