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Ships are roughly grouped in three categories:
A red ship deed indicates a warship.
A green ship deed indicates a trade ship.
A blue ship deed indicates a scout ship.
In general, warships have higher armor, more and bigger guns and a higher top speed than a scout. Their downside is that they have poor maneuverability and acceleration. Scout ships are geared towards handling but offer less protection and have tougher sails, so they're harder to stop and easier to maneuver. Trade ships have smaller guns and weaker armor, but excel in their cargo capacity.

