This is what I’ve been doing in the early game so far:
Pick up news and tomb colonists in Fallen London. Make sure you have about 11-12 fuel, 6-7 supplies, and then buy as much mushroom wine as you can carry – in lots of 5. So 5, 10, or 15 wine, depending on how much seed money you have.
Sail north to Venderbight. Hug the coastline in any place that isn’t lit by buoys – this is essential to control terror. I didn’t realize this for my first couple of trips and ended up having to burn off a lot of terror. Event if it is just a rock in the middle of the Zea, sailing close to land will prevent terror buildup. Kill any bat swarms and pirate pinnacles that show up. Try to send back one pinnacle as a prize and scuttle the rest. Bats can be used to refresh food or bleed off some terror.
When you reach Venderbight, drop off your colonists. Grab some gossip for a report to the Admiralty. Explore the island for an event. Consider holding on to your Fallen London news for a later port stop.
Sail east to the Iron and Misery Company Island. Have tea with the factor for a terror reduction, some fragments, and some free food or take on a new crew member if you failed when sending back a prize pinnacle.
Sail south through the Bleaks to Shepard Island. You may need to dawdle a little bit for "something awaits you" to refresh. When you get there gather gossip for a port report and choose one of the two cheaper storytelling options.
Sail south across the Wolf Abyss to visit Abbey Rock. You will pick up 2-3 terror making this crossing, so try to defray this with terror reductions elsewhere. Also try to sail past the lighthouse mid crossing. Mind the big old angler crabs. Haven’t fought them yet myself but they look formidable. Get a port report from Abbey Rock and trade Fallen London news to the Abbess for a -2 terror reduction.
Swing around the island and sail south to Godfall. Mind the Unfinished Pirates. You will pick up another 2-3 terror. Get a port report and unload every last bit of wine you are carrying. You should make a profit of 45 echos per 5 wine.
Sail northwest from Godfall to Mutton Island. If your fuel supply is holding up think about sailing around the island until "something awaits you" refreshes. Dock and pick up a port report. Carouse at the tavern. Explore the island.
If your fuel and supplies permit you can sail north, darting from island to seamount to island to visit Hunter’s Keep. Have lunch with the girls if they are there. The sweet one gives you -10 terror if you need it. Gather a port report and then sail back to Fallen London. If you still have the grass and gas, you can dawdle along the coast north of Wolfhead Harbor to wait for the "something awaits you" to refresh again and maybe knock off another bat/pirate pinnacle.
When you get back home: Read the newspaper. Collect your money for the prize ship your crew brought back. Turn in all your port reports to the Admiralty. Take a rest if you feel you need it. Carouse. Gather fuel, supplies, tomb colonists, and mushroom wine and repeat the whole process. In spite of the terror you will build up making the trips between Abbey Rock, Godfall, and Mutton Island I find that this circuit ends up slowly reducing your overall terror – event without Hunter’s Keep – provided you make sure to blow off steam when you get home.The more wine you take, the better the payoff gets in terms of terror/profit ratio.
Depending on how brave you’re feeling, you can take 2 extra fuel and mix in a trip to Wither as well. Maybe knock off a Lifeberg if one gets in your way – just keep the distance greater than 40 yards (retreat, retreat, retreat) and they can’t hit you.
Hope this helps.