Tonnage indirectly counts, renown is based more on the target than its tonnage. Important targets (like tankers) can give you more than a larger tonnage cargo ship. Large Merchants are (generally) the best convoy targets, along with troop transports and tankers. You can wrack up renown by sinking a lot of smaller ships (like tramp steamers or coastal ships) though unless using the deck gun (or on the way home) would save my torpedoes for bigger (even medium) sized targets.
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