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it might spread out your crew so much that you'll lose the next battle;
also, getting an extra ship (at least if it is damaged) might slow you down at a time when speed is important (e.g. to catch up with ships you are escroting or ships you want to attack, or to escape enemy ships that seem too powerful)....
The biggest reason to sell them really is that they just don't do anything for you but spread out your crew. You should need that much room for cargo, and if you do for food, you have too much crew. Only your flag ship participates in battles, so what's the point in a fleet. At least make a profit.
Either sink any excess ships, or sell them in the nearest port if they happen to be particularly valuable, such as frigates and higher-end galleons.