That's it, I've had it tinkering with the torpedo depth settings. Its mid 1943, and even for a ship that has a draft of say 21 feet, even when I set the torpedo to impact detonation, to run at say 14/15 feet.....it still seems too deep when it impacts.
They always seem to impact right on the point of the hull where it rounds to form the bottom. Hence, it bounces off as a dud rather than impacting and exploding!!