A bit confusing to me too. All I know that AP is pretty good at stopping ships when firing at their engines and that smaller ships, coastal merchs and such, tend to sink quicker when firing on the waterline. Shells go right through the ship causing rather massive flooding. Also, I've noticed that when piercing the waterline of bigger ships with AP, they can roll over instead of just sinking. Apparently, they are supposed to be used against warships but the only time I'd success in this way was when taking out guns of attacking armed trawlers. So, I'd also like to hear comments about this, as to decide whether to take just HE or with a dose of AP as well.
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