I think traffic is close to historic levels, they just missed a lot. Some patrols returned after firing every eel, not one sinking, a lot due to duds. By the time they worked out the problems, the ASW efforts by the Allies was enough to start giving them trouble.
Wait a while ingame till the escorts start getting gooooood. What once was a juicy target, now becomes a fortress of death.
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Luck is a residue of Design.
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