Unless you mod the game, sinking Neutrals does loose renown. It never made much sense to me either, but its the way it was designed *shrug*. There is a way to change that, but unfortunately, I dont remember what it is. Its in one of the cfg files I believe.
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GWX 2.0 w/ OLC GUI 1.2.3 for GWX 2.0
DiD, 79% realism (by the OLC GUI standards).
Currently taking a break from the Atlantic to hone my flight-sim skills 
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