I try to keep away from them and save my torps for the merchants and bigger ships. If I'm just sick of being Depth-charged for unless hours, I'll try Flippo84's tactic but it does take time to set up if they are alerady on top of you.
Basically, dive and hide. When you escape, set up your next attack on the merchants at the time you select and not when you're trying to defend yourself. We aren't line ships.
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