A new Carrier B - 15000t placeholder is included from 1928.

The completions include

2 x Aircraft Carrier A - 13000 tons
1 x Cruiser A - 16000t ...unless the player wants 2x 8000 or something - plenty of drydocks
6 x Amadis De Gaulas - 9000t
2 x Cruiser B - 8000t
2 x Cruiser C - 3000t
13 x Gabirel de Castilla  - 5400t , started in 1920
Note : El Cid tonnage was a placeholder, selecting Rock's 'Reply 10' from that post, I added 2  Cabellero de la Mancha and deleted 1 fort to make the tonnage balance out.
15 x Gunboat A - 1800t
32 x H-Class, 1500t DD, started 1920
4 x I-Class, 2000t DD

The prior player had indicated a desire to be the leading power in submarines,
So..since 1920, 70 of them.

There have also been 14 Rosincrante class Aux Fleet Supply, and 60 Aux Minesweepers

I knew there was a reason I was building all those little ASW tubs.

I thought it was because the Norse came into the the game with the most subs :) ...well as I recall.

Now the Norse are a distant 2nd-place with 92 subs vs. the 93 Iberian.

Poor Parthia doesn't even count, only 50.

Don't worry, more subs are on my horizon.  And with my two bases close to the major sealanes......I can get away with a school of small ones......

...And Byzance, just 52 submarines.

Hence the importance of seeing what other states are doing, without copying them. This allows us to better balance our Navies.
That's what I'm going to do for Australia.

I recall thinking that Walter's choice to build a bunch of pre-game subs unwise.
That era was simply not that capable.
But I expect he was looking at them as able to interdict the North Sea and Channel vs. Rome.

So the newer Norse subs replaced the old fleet, are generally small to reflect that mission, and working along the rugged coast of Canada.

I don't recall why Darman wanted Subs.  I understood he wanted to be a bit of a arms dealer, so Iberia was to sell subs and planes.
Hence the early Aztec/Japan/Mayan sales.   Iberia has excess building spaces, so that worked without disrupting their naval builds.
For Iberia, as their concerns are mostly overseas, there's a series of mid sized subs for home waters, and then larger subs for
over seas stations.

Subs are also a key if you don't want to fight for the channel directly, but you want to have the ability to halt everything going to Gibraltar or the Spanish holdings near the Straits