This large, inviting body of water creates the eastern edge of the Northern Continent and the western edge of (what used to be) the Eastern Continent. As you can imagine, the makeup of the area has changed quite a bit since the destruction of the latter.
Barees Bay can be seen in the anime series when The Searchers reach the ruins of the Barees Amusement Park, which sit nestled on the coast in one of the large caverns that are characteristic of the area. Many of these are now underwater.