I've had the same situation a couple times now and I found that the best way to catch something fast is to let it see you. When enemy ships spot you they will start doing a zig-zag pattern to avoid torpedoes, which slows them down quite a bit. So sometimes I will let them spot me and then dive if any deck guns start getting close shots
Buuuut I can usually only get a couple ships out of a convoy with that method, but sometimes its possible to hunt down most of the ships one by one after the convoy scatters
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