@Hannover: yeah, it's hard to have such a small state with somewhat random islands in this area - they could have one or two islands in the Caribbean, though, and/or even be 'TTL Belgium', BUT remember that Belgium was in a very particular situation OTL which is not that trivial To achieve.
@DrTron and chris456: that's the spirit! Everyone should have an 'important' nation, but this doesn't mean everyone need to have colonies all over the world to increase the status of their nations. Remember, there are still three other continents.
@Name of the Americas: it's very unlikely that a guy with exactly the same surname discovers the new continent and it accordly.
As Portugal is that sucessful in the East, I don't think it sent the first expeditions to the West... that could be Castille, France or Mauretana, ie, the direct 'rivals' of Portugal. Dano-Netherlands and Italy are commercial rivals of Portugal, so they probably had the interest too.
@Kingdom of Papua: uhnm, only if it is a colonial sucessor state, but even if it is, this island is rather poor, with lots of jungles and mountains, so it would be quite hard for a single, young nation to control all these islands - specially with lots of hungry europeans looking to them.
@Gandavien version: I like it.