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They're changing Naval mechanics, and "buffing" sea-fairing nations. I haven't read much about the point but this would make Portugal able to fight bigger navies with less ships.
The optimal use of this idea is in large naval engagements where not every ship can be deployed at the same time because of limited naval engagement width. In these battles a large share of morale damage is generated by ship casualties, therefore preventing ships from sinking (disengagement chance) and reducing morale hits if they do sink is vital to keep morale of reinforcing ships high. The -33% morale loss per ship sunk also stacks very well with naval ideas, in fact far better than naval morale and while obviously less impactful with naval disengagement introduced it should still be extremely strong on its own. This should make this idea the strongest naval combat idea in eu4 (together maybe with the new danish one) which is only weaker than the second strongest, +20% naval morale, if the fleets employed are rather small. (Which in theory could be achieved by perfect micro but it almost never works out and the battles tend to involve huge doomstacks of ships)
This is easily seen from the way naval combat works which groogy was so kind to explain in the respective dev diary.
It is in some way ironic that Portugal, a country which has a very vocal community especially regarding a buff to their national ideas, gets a naval idea which is extremely strong but not well understood by the community.