I've played only Valkyrie and got all of the upgrades so here is a short guide of what each do exactly, pros/cons etc…
Hellhound Reinforced Hull
Basically give you a Hotel Yankee flag, increasing ramming damage and decreasing received ramming damage.
Pretty situational and not the best hull option IMO, but I've seen people do ramming tactics and worked out well. It's a risky, but a potentially rewarding tactic.
Sphinx Reinforced Hull
Give you 10 000 more hitpoints. By far the most useful and versatile hull choice. Do nothing else besides that.
Werewolf Swift Hull
Increase max speed by 10 knots (From 50 to 60). Can be useful if you choose to change the Griffin special module.
Phoenix HE guns
The average, jack of all trades main guns. 3 guns per turret for a total of 12 guns, 14 sec reload and good range, it's effective against both players and monsters.
It's much better at a longer range since you don't have to worry about exposing yourself to secondaries or torps. Only main gun choice that can put fire onto the enemy.
Golem AP guns
The more powerful, but more difficult option. They reload quicker (10 sec), have high velocity, have EXCELLENT damage against monsters and can be deadly at close range. However it can be much harder to damage ships that are angled against you and you have only two guns per turret, for a total of 8 guns. Also you only have 11km of range. Citadels are quite hard to hit, requiring to be close most of the time and to aim below the waterline. Cits don't do that much more damage, but it can make quite the difference if you are able to consistently hit it. Not that much overpenetration either even against the lighter Gale ship.
An insane weapon with 9 guns per turret, giving you a total of 45 guns. Quite ineffective against monsters, but an absolute obliteration to player ships. You can easily delete 20K in a single well-placed salvo. There is also a very large AOE on the shells, meaning near miss will still do damage, although not very much.
However, it has a long reload of 20 sec and low velocity mean it can be easy to dodge for the cautious player, especially with the speed boosts. It also has no fire chance at all.
Orthrus Small HE guns
The average, run of the mill secondaries with long-range of 9km, good ROF and a decent fire chance. Can't go wrong with them however the long-range mean you will often fire on other player ships, potentially provoking them.
Gargoyle Small AP guns
I honestly don't see how these are useful in any way. They have a very short range of 4km and poor accuracy. They fire fast but the small caliber usually means you won't get through the armor of the Valkyrie or the monsters. Can't confirm for the Gale, but if you have a Gale at least 4km from you, you have fucked up big time.
Since it doesn't have a fire chance, I personally consider those inferior to other options.
Manticore Small Mortar
The mortars are great, having 4 guns per turret instead of 2 and granting extra firepower at close range. It has a usable range of 6km and a similar fire chance compared to the HE guns. They are more precise and deal a heavier amount of damage at the cost of ROF and range.
Griffin Special Module
The perfect module if you plan to run solo most of the time. You can heal a total of 15 000 HP in 15 seconds with a 50 seconds cooldown.
The engine boost gives you 150% max speed and acceleration, giving you a tremendous amount of mobility that can be used to travel to key zones much faster, dodging torps and juking and even ramming. With only 40 sec of cooldown, it will give you an unparalleled amount of speed to use.
Fenix Special Module
The Fenix Special has basically the same heal of the Griffin, but with a 5 km radius that also repair allies in range. But this is at the cost of an 80 sec cooldown time instead of 50.
The other ability allows you to make you and your allies within 5 km completely invulnerable to all form of damage. With a cooldown of only 60 sec, this can be very useful to counter the torpedo strikes of the Gale or to ram the enemy.
Harpy Special Module
The harpy is somewhat similar to the Fenix. It can heal 10 000 HP instantly for you and your team. Combined with a fast cooldown of only 40 sec and the fact that it doesn't require a range to be used on the allies, it has much more healing power than the Fenix.
This is at the cost of the other ability, which is a damage reduction bonus of 75% that last around 30 seconds with again no range limit, but a hefty cooldown of 120 sec or two full minutes. However, the power itself is activated for only 1 sec, meaning the cooldown start immediately upon use.
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