Surprising battle outcomes

[PvK]

In WS&IM, don't most ships "strike colors" (give up fighting) when they run out of hull points, but not actually sink?

I seem to remember the rules saying that zero hull remaining in WS&IM indicated that the ship was incapacitated and its crew was having to spend all its time dealing with the damage, bailing out water, etc., but not actually sinking. Seems to me that the chance of actually sinking or blowing up was rare and an optional advanced rule not even included in the main rule sections.

PvK