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For 1400h of Hoi4 of 10 years and several Germany playthroughs, I never thought of surface raiders as viable option. But for the sake of roleplay and curiosity, I tried now.
A relative small fleet of Panzerschiffe (8-15, from 39 to 41) split into 2-3 flottillas where enough to starve the UK out. What helped was heavy naval intelligence to see the convoy routes.
Very effective was the ability to destroy the escort DD and CL of the convoys, as well as very quickly destroy the convoys themselves. I had to continously switch seazones, since the UK adapted and rerouted its convoys around my active zones.
But the AI never sent any form of battlefleet with BBs or CVs (or my ships managed to avoid any fight, because of their speed).
What also helped, where the focus and doctrines specifically for surface raiding. I research the complete "Damage Control"-naval tech, as well as the radar, better fire control, which I upgraded. Also AA and torpedos, but not guns. I upgraded existing Panzerschiffs only for radar and fire control.
In the end, in January 41, I could clearly see via Intel and on the front, that the remeining 100-200 convoys of the UK were not sufficent to import enough Oil, bring in the extracted resources to the UK and support its troops.
With air cover and my starting fleet (plus a few additional built DDs and the Panzerschiff), I could easly set up a sealion and invade and conquer the UK. The channel only needed 150 naval dominance by my navy.
The only naval losses I had, were few DDs and SSs from my starting fleet, during the invasion of Norway and additional, opportunistic convoy raiding.
For all "easy" Germany runs, this felt the most easy one. I ended after UK-capitulation, since I achieved the goal of my run.