In Port Royale 3, players will embark upon an epic adventure through the Caribbean during the 17th century.

Kalypso Media announced Port Royale 3 for the PC and next generation consoles. PR3 lets players step into the role of a 17th century sea captain trying to make a name for themselves in the Caribbean.

There are two ways for the player to attain fame and fortune. Action fans will opt to become an adventurer. They’ll conduct raids, conquer cities, collect bounties and plunder anything that isn’t nailed down.

Alternately, players can find success through commerce. They’ll set up trade routes, construct production facilities, and develop settlements. The game’s economic system is said to be both deep and realistic.

The campaign asks you to pick one path or the other. In free-play mode, though, you can find a balance between the two approaches. Judging by the name, free-play mode will probably just let you build up your empire to your heart’s content.

Port Royale 3 also includes multiplayer modes. You and another player will be able to go head-to-head. No other details were provided but presumably you compete to amass the most wealth or power. Or maybe you just try to wipe each other out.

PR3 is being developed by Kalypso Media subsidiary Gaming Minds. Gaming Minds is composed of former employees of Ascaron Entertainment, the developer of the first two games in the series. Ascaron went bankrupt in 2009.

Kalypso expects PR3 to be released in the second quarter of 2012.