I posted a similar experience recently. I got so focused on an Empire-Type freighter that I didn't notice a Flower Class corvette coming up on me until we literally bumped hulls. I thought "That's it; we're screwed. Guess this career is done."
She passed right by me though & didn't drop any charges. It turned out that because of the rough sea state, our depth (13-14m) and our speed (slow) that she missed us. I missed out on the freighter but at least we didn't die that day...