Its a shame M&C didn't do better in the box office. What a hugely rich potential for a series of films.
But even highly successful seaborne films are less likely to bear sequels - seems most producers and directors really dislike filming at sea!
From Wikipedia:
Sequel outlook
Over six years after the movie's 2003 release, there are currently no announced plans for a sequel to be made by movie-rights holder 20th Century Fox, despite the remaining 20 books available in the Aubrey-Maturin series written by Patrick O'Brian.
Director Peter Weir, asked in 2005 if he would do a sequel, stated he thought it "most unlikely", and after disclaiming internet rumors to the contrary, stated "I think that while it did well... ish at the box office, it didn't generate that monstrous, rapid income that provokes a sequel."[6]
In 2007 the film was included on a list of "13 Failed Attempts To Start Film Franchises" by The A.V. Club, noting that "... the Aubrey-Maturin novels remain untapped cinematic ground."[7]
And...
The gunnery scenes were particularly authentic[citation needed] with live rounds being fired over numerous microphones in order to capture the proper sound effect of cannonballs flying through the air. The scenes showing French gunfire raking the deck of the Surprise and the grim choreography of the British gun crews under fire are uniformly excellent.[citation needed] The audience is also graphically shown what happened to wounded seamen aboard a British warship during the Napoleonic Era. The ship's doctor and his instruments are often shown at work without the benefit of anesthesia. The film accurately shows how the medical orderlies were among the largest and strongest men aboard ship since their duties involved holding the injured down during amputations and wound "probings".[citation needed] Naval history enthusiasts awarded Weir high marks for his efforts at recreating the historical ambiance of O'Brian's novels[citation needed]. The on-location shots of the Galapagos were unique for a feature film as normally only documentaries are filmed on the islands.[citation needed]
Finally:
76th Academy Awards:
Won, Best Cinematography, Russell Boyd
Won, Best Sound Effects Editing, Richard King
Nominated, Best Picture
Nominated, Best Director, Peter Weir
Nominated, Best Art Direction
Nominated, Best Sound Mixing
Nominated, Best Costume Design
Nominated, Best Film Editing
Nominated, Best Visual Effects
Nominated, Best Makeup
Master and Commander was released the same year as The Lord of the Rings: The Return of the King, which won every award of the eleven that it was nominated for. The two awards that Master and Commander won were in categories for which The Return of the King was not nominated.