Got this update on boardgamegeek:

"Wave 3 is in pre-production now (all prototyping complete, mold-making in progress).

If all goes well, we might be able to ship it out of factory in Feb/March 2016.

Wave 3 will include 4 important new ship types, including the first "true" Spanish ships in the line (Nepomuceno and Meregildos), Artesien class and Portland class.

To keep you entertained in the meantime, we are working together with Andrea & Andrea on a little surprise, that we'll announce in a few weeks.

We are also prototyping wave 4, which will feature one of the ships "voted" by our Anchorage fans - John Paul Jones' Bonhomme Richard, French 80-guns ships of the line, English 64 guns, and Spanish frigates of the Mahonesa class. We expect wave 4 to be released around the end of 2016."