Trading Companies are the heart of Sea of Thieves. Every chest you dig up, every skull you hand over, and every crate of tea you haul across the map feeds into these factions. They drive your gold income, your progression, and – most importantly – your path to becoming a Pirate Legend.
There are six main companies to worry about, plus a few special cases. Each has its own vibe, its own loot preferences, and its own reasons to either love or hate the grind. Some are perfect for new sailors; others require serious PvP skills or the patience of a saint.
Knowing which to focus on can save you dozens of hours of aimless sailing.
All Trading Companies at a Glance
Here’s the quick breakdown before we get into the weeds:
- Gold Hoarders: Treasure hunters. If it’s in a chest or buried, they want it.
- Order of Souls: Bounty hunters. They pay for the skulls of dead skeletons.
- Merchant Alliance: The logistics crew. Deliveries, animals, and cargo.
- Reaper’s Bones: The “bad guys.” They want you to sink other players and steal their stuff.
- The Hunter’s Call: For the chill players. Fishing and hunting.
- Athena’s Fortune: The endgame. Only for Pirate Legends.
- Bilge Rats: Not a real company, but they give out “doubloons” for special challenges.
- Sea Dogs: Dead and gone. This was the Arena faction, but it’s retired now.
Gold Hoarders
These guys are obsessed with wealth. You’ll find them in the green and gold tents at any outpost, usually rubbing their hands together looking for their next cut.
What they want
Locked treasure chests and shiny artifacts.
The best way to level
- Raise the Emissary Flag: Do not skip this. You get a massive multiplier at Grade 5.
- The “Vault” Strategy: Grab a Treasure Vault voyage.
- The Pro Tip: Use your Wayfinder compass. If the needle is spinning like crazy right when you start, the key is on the island you’re already on. If not, cancel and restart until it is. This saves you from sailing across the entire map.
- Skeleton Farming: When you dig up the vault key, skeletons will spawn. Let them fully climb out of the ground before killing them – they have a high chance to drop Ancient Bone Dust which sells for a ton.
Order of Souls
The Order is all about magic and memories. They take the skulls of Skeleton Captains and “extract” information from them. You’ll find the Madames in the creepy purple tents.
What they want
Skulls. Plain and simple.
The best way to level
- Sea Forts for Flag Grade: Dive to a Sea Fort raid voyage. They’re fast, easy, and get your Emissary flag up to Grade 4 or 5 quickly.
- Ashen Skeleton Lords: Once your flag is high, start a bounty for an Ashen Skeleton Lord.
- Weapon Meta: Bring a Blowpipe. The explosive darts one-shot gold skeletons without needing to throw water on them. It makes the waves go by way faster.
- The Boss: The main boss is tanky. Use throwing knives or a blunderbuss to finish him off. He drops four high-value items that’ll skyrocket your rep.
Merchant Alliance
These are the “professionals” of the sea. They value efficiency and speed. You’ll find them on the docks looking stressed.
What they want
Cargo, animals, and crates of tea or sugar.
The best way to level
- Lost Shipments: This is the gold standard. Grab an “Ashen Executive Lost Shipment” voyage.
- The Destination Trick: Check your trade commission. If the destination isn’t nearby (like Galleon’s Grave), cancel and retry until it is.
- Bird Watching: Look for a small group of about six seagulls. That’s your wreck. Don’t bother with the big flocks; those are just random barrels.
- The Manifest: Dive down, find the Captain’s skeleton, and grab the Manifest. You don’t even need the key to finish the voyage, though the extra loot helps. You can finish one of these every 5 minutes if you’re fast.
Reaper’s Bones
Reapers follow Flameheart and believe “Pirates for All Eternity.” They don’t care about rules. Their home is the Reaper’s Hideout – they don’t have shops at regular outposts.
The Vibe
You are the hunter. You get rep for sinking other players and taking their flags.
The Risk
Everyone can see you on the map the moment you raise their flag.
Fastest Leveling
- PvP: Sink other Emissaries. It’s the fastest way, period.
- PvE: If you’re not a fighter, you can “cycle” Sea Forts in the south. They respawn fast, and you can sell everything to the Servant of the Flame.
The Hunter’s Call
Merrick’s crew. They’re camped out on tiny Sea Posts.
The Reality
This is the slowest grind in the game. There is no Emissary flag, so there are no multipliers. You just fish, cook the fish, and sell the fish. Most players use “Letters of Recommendation” from Larinna to skip the last few levels of this because it takes forever.
Athena’s Fortune
The “Endgame.” You can’t even talk to these guys until you hit Level 50 in three other companies and become a Pirate Legend.
The Best Method
The Legend of the Veil voyage. It’s a cinematic, multi-stage quest that ends with a massive naval battle against a haunted fort. It’s the best way to hit Grade 5 Athena and get that sweet glowing gear.
How to Hit Pirate Legend Fast
To get the purple outfit and the title, you need Level 50 in three companies. The “Path of Least Resistance”: Stick to Gold Hoarders, Order of Souls, and Merchant Alliance. Why? Because they have the most predictable voyages and the fastest “dive” options. Reapers is fast if you’re a PvP god, but for most people, the classic three are the way to go.
The Golden Rule: The Grade 5 Loop
Never sell your loot at Grade 1 or 2. It’s a waste of time.
- Raise flag.
- Do voyages until you hit Grade 5.
- Sell everything (you now get a 2.5x bonus).
- Claim the “Emissary Quest” from the representative.
- Lower the flag (for a big XP payout), re-raise it, and do it again.
This loop is the difference between grinding for months and finishing the job in a few weeks. Stay focused, watch the horizon for Reapers, and keep that multiplier running.
