Develop each island since grid can be so large. Of course, each island will have specific resources. This may require more advanced cargo ships that request resources for the satellite islands and if those requirements fail to be met some spiraling disaster may result on the satellite island.
Manage multiple islands and establishing trade with own islands.
Yes, this would give the game a lot of depth in terms of the world map (currently it feels very static) - I suppose something similar to Anno series could be done, some more advanced resources/seeds could be only found/grown on specific islands. I would add from myself that it would be interesting if the cargo ships required to transfer resources would need some military company in some cases (so that you would have a need to maintain a fleet of ships)
I appreciate that this would be a significant amount of work. Personally, I would buy this as paid DLC. It would also be nice to have things like a 'trade route visualizer' so you could see what resources were being shipped, in what quantities etc. This would also open up the possibility of having 'biomes' for the purposes of farming or the requirements of the settlements etc. Additionally, you could add storms as random events that would interfere with shipping, lead to repairs being necessary etc so then you have a layer where you have decide on having spare shipping capacity (ideally with some automation possible on the substitution). This would also work with fishing; fish stocks getting depleted in certain areas and vessels having to travel to find new ones. Finally, you could add satellite comms constellations to connect islands and also pirate raids on trade routes to expand the usage of the combat ship(s) with patrols to counter them.