Ocean Waves is one of the lesser known creations of Studio Ghibli. According to imdb.com:
"This TV movie was an attempt to make anime solely by the young staff members, mostly in their 20s and 30s. Tomomi Mochizuki, who was 34 years old then, was brought in to direct. Their motto was to produce 'quickly, cheaply and with quality,' but the project went over budget and over schedule."
Just the same, Ocean Waves has the Studio Ghibli look, feel, and poignancy.

This is both a coming of age and slice of life anime. Taku and Yutaka are two friends who grew up in a small town. Now in high school, they become acquainted with Rikako, a transfer student from Tokyo. Rikako is not a girl without problems, yet both boys are attracted to her. But their attraction does not seem sufficient to overcome her heavy emotional baggage. Will Taku and Rikako ever realize what’s in their hearts?

Ocean Waves is nicely animated, though it is not quite on the level of Studio Ghibli’s theatrical releases. As noted about, it was to be done quickly and cheaply, and there are a few times when it shows.

The anime is not dubbed in English. But the Japanese voice cast is wonderful emoting what the characters feel inside. Ocean Waves is well worth a look.