why wasn't a sequel made for Master and Commandeer?

[Funnel Cake]

It wasn't a financial success for the studio and didn't garner any big prestige awards like an Oscar to justify another installment.

Even though it earned critical praise, the film's box office numbers quickly dropped off after it's first week. The largest criticism from audiences was that despite the movie's impeccable acting and production values, it was too slowly paced and tedious; once word of mouth traveled that "Master and Commander is long and boring", that was the end for it's cash-making prospects.