I think it should have a sequel. Too bad I've never played Carrier Command. Was it similar?
Carrier Command is what Hostile Waters was obviously based on. It's not got quite as much depth as Hostile Waters (It is an Amiga/ST/Spectrum game after all) but it's based on the idea that there is an enemy carrier trying to take over a set of newly formed islands from one end while you try to do the same from the other. You could send out air and amphibious vessels from the carrier and could step in to take control of any of them at any point.
Hostile Waters is without a doubt the better game of the two but CC did give you the option of controlling the Carrier too and the ability to choose whether you made islands into Factory, Resource or Defence islands did give the game a strategic level that was missing in HW.
Hmmmm. I've just noticed that the game is now 20 years old. Boy do I feel old now.
EDIT :
OMFG!!!11111