It looks good, but I don't think it works so well currently, mainly because the line moves along the hull in a constant speed, giving the feeling the ship is peeling rather than exploding, the glowing line probably draws too much attention, so you notice it more than before when there was nothing.
is it possible to adjust the animation? so instead of the line constantly moving, it would stay in place for a second of so, than deform/vaporize at once, a section at a time, as if the hull is actually exploding a part at a time as the ship dies.
*the animation itself won't have to change, just the way it renders the effect