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Right here we go this is another fictional story.
Anglo-German naval agreement never happened.
Hitler tore up the treaty of Versailles earlier than he did in OTl.
He devoted resources to Fleet construction.
Now Imagine you are Admrial Reader
Your Fuhuer has been very kind to you and given you a large fleet with its own air arm.
Year is 1939 or any year you like it doesnt matter.
You have 8 H class battleships (i added 2 more for fictional purposes)
4 with 16" and 4 with 18" (i put 18" in because Hitler liked ships with big guns)
6 aircraft carriers including graf zeppelin class and converted auxliary carriers e.g. captured french cruiser and liner Europa.
navy has its own fleet air arm.
15 panzershiff with 15" guns and increased armour protection
3 O class battleships with 6 15" guns and increased armour protection but still carrying the desgination of battlecruiser.
Schanhorst and Gniesnau with 15" Guns instead of 11"
A third bismarck class ship.
5 heavy cruisers
10 light cruisers
30 heavy destroyers
Now with all this kicking about what would you do with it would you make a continue commerce war with England and hope to drive the Royal Navy from the sea? or would you have something else in mind?