[propbeanie]

Generally, use your mouse scroll wheel while on the bridge in a normal view mode, or hit the tab key while there, and you'll get the binoculars. You'll see a little crosshair in it. Point that at the target by either moving around with the mouse or the arrow keys, and press your space bar while "on target" and it has turned red. This is also part of the technique you will use to "pick-up" downed pilots in the Life Guard missions. Be careful what you're pointing at when you hit that space bar... You do it while looking at the Mighty Mo and you're liable to instigate a friendly fire incident...

The renown points are supposed to stay with you for your entire career. I'm not sure if the Captain's Log Book in the base office has anything other than a running total of your total tonnage sunk, along with the ship names divided by patrol... it's been a while since I paid much attention to those details...