Totem Games has a preliminary announcement of Ironclads: High Sea, a 19th century naval combat simulation in the vein of their previous Ironclads: American Civil War (thanks Gamer's Hell). The site offers some screenshots and wallpaper, and here's word on the game:

A steam-ship period tactical naval simulator focusing on fleet-scale battles in real time. Manage financial and strategic aspects while planning your squadron's structure. Scramble your fleet to gain sea supremacy.

The game allows you to set up battles squadron groups, their formations and management, with realistic ship models and characteristics, as well as advanced ballistisc and weapon models.

Choose your ships, increase the experience of your crews and send your squadron into the open seas. Order a battle "Line Astern" or "Crossing the T" formation, and experience power of iron and a steam!