An interesting debate! My first instinct is to think "of course there’s narrative, there’s loads of narrative!" - but, of course, that’s coming from the perspective of having played several times through since testing began. Really, my experience of seeing the game come together’s been a narrative in itself. So, putting myself into the position of a relative newcomer, how cohesive would the game seem?
For a start, I grand that it’s at something of a disadvantage, in that two of its hinted Ambitions - and so, two central, character-defining stories - haven’t been implemented yet. Of the three that have, one is basically just a high score to reach, and the other is a rather challenging free-form item grind. But, Father’s Bones is a solid story, ties in nicely with the other major quests and has enough content to take a character from early to late game. So, that’s a great start for a new player.
Of those other major quests, well, the First Curator and the Principles of Coral are the obvious standouts. They can both be begun early, provide nice rewards to get a starting player on their feet, and stretch out long enough to provide some direction through the game. Others - I’m thinking of the Last Tour and the Empire of Hands - have strict enough requirements in terms of skills, exploration, money or cargo space that I’m inclined to put them down as mid- or late-game content.
Of the minor quests, well, they vary in depth, difficulty and reward - some are profitable grinds that lead into deeper stories (like the Salt-Lions); some are more intense story-focussed instances that end in nice rewards (like, say, Pigmote, Visage or Godfall), and some are simply little tidbits that one picks up as one sails about (like the Admiralty Commissions.)
In terms of tying these all together, well, all I can really add is that you’re playing a tramp steamer captain on an uncharted sea. That means the very definition of your role is going from port to port, seeking out opportunities. If you find an island where someone needs something - whether that’s a commodity they’re buying or a quest item they’re seeking - then you go and find that, bring it back, and profit. That’s the game’s central mechanic, and the source of the majority of its story!