I'm pretty sure somebody just released some material on this forum concerning this. I believe it was the map broken into timezones, how to convert base time to local time and then a load of information in local times ie. sunrise, senset, tides (I'm pretty sure currents and tides aren't modelled), etc.
Calculating your position or time from one another isn't too hard, I just don't really find a use for it in game. The only time I could see knowing local time affecting me is when I'm conducting attacks at night and want to see how much time I have until daylight. I'm usually able to give a rough estimate anyways and I'm much more inclined to make decisions based on visiblity and light conditions than anything else.
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