One of the important aspects of battle is how the ships are painted and eventually how they will confuse the enemies thus giving the player extra chances to win.
In the 20th century world wars forced navies around the world to adapt to the new levels of engagement and thus lead to the creation of ships camouflage.
On the following links additional information about this topic can be found:
Many ships found on this wiki site feature classic camouflage setup, resembling the real life ideas from above, but also uni colors can do that. Very dark colors are good for absorbing light and thus various shapes of the ship will be hard to sort out by any enemy firing at that ship. The darkest color is black, with an RGB value of 0,0,0. Because of this, painting your ship pure black will make it almost impossible for opponents to see the details of your ship such as what weapons you are carrying. An all-black ship will also hide damage, making your enemy unsure what he/she already destroyed, and will piss off many, because weapons will also be hidden.
Having all sort of weapons placed even in front of the ship the enemy won't spot them.
Weapon projectiles will have the same color of the actual weapon, this is very important, since the enemy will not see it coming, therefore they will have no time to react to the threat. The best weapon to camouflage is mines, paint them in sea blue so enemies won't see and dodge them, Oxygen Torpedos are also good candidates, since it produces no visible water vapor/waves when traveling.
For multihull ships, the actual direction of the ship won't be easily found, and only using the radar above would still prove inneficinet.
Please contribute and add your camo ship designs and maybe in the comment area present your personal wins that you think the paintjob helped. First sign would be increased number of misses in the battles with a camo painted ship versus with the same one, but classic colors.