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As of now, there is no such thing as sea monsters which has been seen by members, nor told about on Disney's site. During early beta stages the kraken would come and pull your ship under if your hour at sea ran up, but that was a cutscene in itself and therefore couldn't constitute as a "sea monster" to attack.
For the ship PvP part, that is currently on the way. Known as privateering, this feature is currently only on the private test server and allows you to join the side of the French or Spanish and play with or against other players in the same ocean as you.
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