Excellent explanation of the two major sea-warfare strategies, Mace.

The U-boat was of course the WW2 equivalent of the USA's War of Independence privateers: if you can't seriously hurt the powerful battle-fleet of the enemy, go for his merchant ships instead. Which is why the Royal Navy placed such high priority on aircraft carriers, using them to escort the Atlantic and Mediterranean convoys so vital to the Allied war effort.
The Royal Navy misused its Fleet carriers in the first months of the war by employing them as the core of hunter-killer groups to combat submarines; HMS
Courageous was consequently sunk by a U-boat just two weeks after the outbreak of war, and
Ark Royal was narrowly missed. Following that debacle, the fleet carriers were mainly used for specific strikes against enemy targets - the best examples being Taranto and
Bismarck - and to provide air cover for convoys, the most famous action being Operation Pedestal to relieve Malta in August 1942. Subsequently, escort carriers (CVEs) and Merchant Aircraft Carriers (MAC-ships) took over the convoy escort role (and also provided the sole air cover for the opening phase of the Allied landing at Salerno in 1943), thus freeing the fleet carriers for duty elsewhere.