(I'm basing this on the assumption that Medium Merchant 01 corresponds to the "M01" classes of ships in IABL's mods, someone correct me if I'm wrong.)
Look in your data\Sea folder. Does it contain either or both of the following folders?
M01A
M01B
(There shouldn't be an M01X if you are using the Lite version with no neutral ships, again, someone correct me if I'm wrong.)
If you have one or both of those folders, look and see what files are in them.
I'm pretty sure the .tga files for each ship and its recog manual page are in its data\Sea folder, so I'm guessing maybe some of the necessary files are missing?
Or I could be on the wrong track entirely, in which case someone will be no doubt be along shortly to point you in the right direction.
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