I'm seeing a few ships, don't get me wrong.
But for example, near Port Royal, where I normally find 20 ships between Tortuga and Port R, I'm only seeing the 2 ever-spawning Navy Flagships (Bulwark & Greyhound).
No Ferrets, Bulwarks, Panthers, Vipers.....etc.
Tried several Oceans (6).
Near Padres, if you sail left from the launch, I see only 2 ships.....a Juggernaut and a Man O'War. The MO'W is a Flagship.
The fight over the 2 minor Flagships near Devil's Anvil is something to behold......20 Light Sloops and a couple Light Frigates, all throwing grappling hooks at the surrounded vessels. Need a traffic cop there badly.
