It looks very impressive at this stage. I'm just going to list the things
that I think could be improved:

More sub-pixel scale detail on the tanker (bump maps perhaps, as well as
geometry) would be good, as you say, to really make it look realistic. The
rust texture is good - if you were being really pedantic, rust image-maps
around particular features (to simulate rusting around rivets, joins etc.)
would look very good.

The lighting seems quite bright too - if I were doing this image, I would
probably try lighting with radiosity and a grey sky sphere, to simulate
overcast clouds, with only a dim 'sun' light source. Its difficult to tell -
your water looks very well lit, the boat and foam less so (imho).

On the foam topic:
http://www.uneptie.org/pc/apell/graphics/disasters/erika.jpg shows foam
underwater (the green) as well as on the surface - this might be achievable
using media?

Very good image so far.

-Chris

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