My concern is that the oceans aren't demarcated - What is your impression?
I'm not sure if the bounds of the oceans have ever been accurately defined according to a universally-accepted convention so I'd leave them out, they'd only be confusing anyway.
Regarding the map, I think the usual convention is that labels for water features should be in italics. Personally, I find the labelling of both continents and oceans to be over-large. It might be preferred to separate the North Atlantic Ocean from the South Atlantic Ocean. I guess the purpose of the map dictates what places are shown as point labels. What to do about the problem of the 'Arctic Ocean' and 'Southern Ocean' labels I just don't know, but they ought to be on the map if possible.
The two halves of a label like 'Pacific Ocean' belong together, perhaps this could be done using curved text stretched and orientated to suit.
Caversham, Reading, England.