I very much look forward to fighting the pirates.

It is almost like a visit from Santa, provided you play to the bitter end and get the captured ships.

That is usually where I get my trade fleets in the early game, it I have a passable navy.

As to Indiamen, I have little use for them other than trade. They are so week a sloop can usually ignore their broadsides and they are of little use in battle. I usually leave them parked near the edge of the map.