I do see some problems on the dynamic shadow casting though: look on the right side of the sub where the conning tower is casting the shadow. On the right hand side vertical plane of the sub's hull it's still lit like the rest of the sub - maybe they're factoring in the light reflection from the water but if so then it's biased way too much to the light reflection to me. This is also apparent on the conning tower. I would've expected those two areas to be darker than the rest of the sub since it's having a shadow cast on it. The horizontal planes look like the shadowing casting is working right.
Also just noticed that I can't 'see' through the water like in SHIV - I can't see the hull of the sub underwater. Looks like SH3 rendering there with the sub and ship's hulls. This might be because of the lighting in this particular screenshot but I hope I'm wrong
I'm hoping that the shadow I'm seeing in the background by the ship is the ship - but it could be the crane casting the shadow. It would be nice to have the harbors casting shadows (and correctly). Ultimately it would be great if all objects cast shadows onto other objects AND onto the water. But if they are 'making' the harbors like they did in SH3 this will never happen. Hopefully they've changed the way harbors are 'made'.
Seeing that the dock isn't casting a shadow onto the water tells me that the dynamic shadow casting still isn't working correctly and/or the harbors aren't being made right.