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alcohol is refering to either schnaps or rum. both are doubling as medicine with critical success in some events and can be used in cases of trying to convince people by offering them goods.
apart from these two i usually fill the rest with items or specialists. some navigation, some fighting power, some rhetoric skills.
regarding the ships: the more slots it has, the better, as one can find additional loot during an expedition which then requires an empty slot. I ususally take ship of the line and when possible switch over to steam cargo ships (8 slots) or the steam battle ship (7 slots)
The rest of the slots are best filled with character items, like admirals etc, preferably of rare or higher quality. It's pretty hard if not outright impossible to prepare your ship for every kind of situation but it is usually more that enough if you stack 2 or 3 parameters. For example, naval power, navigation and force. Then in almost any situation you gonna have good +% to your chances when making event choices.
In other words, two different kinds of rations will help you retain morale for longer. That being said, you have to give up another slot that you could have for another useful item, so it's a difficult choice sometimes.
I usually have one slot dedicated to 50 schnapps and another dedicated to 50 champagne (or beer if I'm not investors yet) because they have medicine and diplomacy bonuses on top of the ration bonus.
I use the Steam Cargo Ship for everything other than Pirate quests. Even if an archeology quest says Naval Power will be a factor, unless it's "Nearly Certain", I take the Cargo Ship. I use the two equip slots for Specialists and can get at least +55 to 65 from just the two slots alone (an Epic level Vice Admiral Adams is +45 Naval Power). Which leaves me six cargo slots for everything else.
I make sure that what I bring along is proportional to the likelyhood I'll encounter it. I know there's a bit of randomization to the encounters, but during the Starting screen it tells you something is Nearly Certain to happen, Highly Likely, Likely, etc. So I make sure that when I'm Min/Maxing my stats, I don't weaken my success chance on something Nearly Certain to happen, just to increase my odds of success for something Likely to happen.
Obviously it's a bit more complicated and a delicate balancing act then what I've described, but hopefully you get what I mean.
But if you're lucky, you can just spend 10,000 gold coins at Sir Archibald blake's harbor for it and it gives a 40 diplomacy bonus.
so .. play till you can make tradecontract with the pirat and then buy the stuff
best items you can find after an NPC-attack on the pirates base .. loot the items in the sea .. I got legendary stuff from there