To build a lighthouse I need 250 exploration points. To upgrade my boat to explore further I need to build a lighthouse. The range on my boat is such that I can reach no more spots on the map. However I have only 237 exploration points. There are several spots on the map that are blocked by islands. I am attaching a photo.
There is a benefit, firstly you gain the EP you need and secondly you can gain gold, grog and maybe even gems from completed voyages and fighting monsters
Its very beneficial to do short trips in the shallow waters around your base. Sometimes you get diamonds and loot bonuses for a trip of only a couple minutes. Chris beat me to it.
Thats the reason that I said "perceived". There is no indication that sailing in explored waters does anything. There is no reason that a noob like myself would think "Hey I am going to randomly sail in open water today" Until you actually just sail to nowhere then you do not discover that it gives you exploration points. Maybe when the ship is idle there should be some sort of notification asking you to go sailing. I also wish there was a notification when I can collect from islands.
Perceived no, implied ... Sort of. Defeated monsters and boats reappear over time and since I enjoy battling the fish, boats, etc multiple times, I quickly learned that these areas gave more EP after I had already been there. Perhaps this was in the tutorial that many of us skipped over