I think promotions are based on renown, at least with the stock game and GWX, and the percentage of possible renown you get for your sinkings and other achievements is based on your realism settings. If you're playing at less than 100% realism you won't get the maximum renown for your tonnage and promotions will take longer.
Also if you're using renown to buy upgrades to your boat or enlist experienced crewmen, it will take even longer to get to the next rank.
IIRC the renown required to move up to each rank in turn is near the beginning of the basic.cfg file in your data/Cfg folder. You can always check that and compare it to your current renown as shown in the game to see how close you're getting to the next level.
I think one of the other supermods may use tonnage instead of renown, but you can probably still find the relevant lines in the appropriate game file and see where you're at.
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