In my last campaign (playing as Russia) I conquered a few of the trade spots from the Dutch. What I discovered was that the huge blue stacks they had sitting on the anchors were mostly war (weak for most part) ships + fluyts (350 upkeep per turn) with an occasional Indiaman in the mix. So, it seems, the AI is losing more money from the fleet upkeep than it's gaining from the trade...
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