Yes, Bullethead is correct. The player can make an many changes in the water color and action as to their hearts desire. One of the many great features of the game.
As a side note, after work today I continue my campaign. My first major encounter and commanding 60 some odd warships, I came out victorious! As my task force steams home, another task force sent out 3 days prior got drummed into the ocean. Retreat was the better part of valor in this battle.