Hi, Rad.
As I mentioned in another topic, the Blood quest is not a "normal" start. It is a difficult campaign, which is why I suggested a normal start for you to learn the game.
There is no question that it is difficult to get going in the game. As you get more powerful things are easier to handle. It is getting there in the first place that is bothersome.
If I were in your position right now, I'd sell the frigate and fire the officers. The ship is unique, but it's too much of a pain to try and keep it. Or you can try to use it as a merchant like Luke said.
You should be in a small fast ship with no officers to start. Say, a sloop. That's for a normal start anyway.
It's not that you aren't making money, it's that you overhead costs are consuming you. So, do away with the overhead or make more money.
At first, you'll make money by talking quests from the merchants. Use a technique called "save scumming" to make sure that you don't need to travel too far. In other words, save outside before you go in to the merchant. If you don't like the quest, reload and go in again. You can also use this when you need ofiicers - save outside a tavern and relaod if you don't like the officers you see. Forget making money on land. Land is only good to train your fighting skills.
Go to Port Control and take the quests that ask you to return someone's log to them. You will improve your navigation quickly with that. Ignore the "stolen ship" quests at Port Control.
Just keep doing those two types of quests, and get better ships as you go. By the time you get a corvette, you should be ready to really play as you like.
At some point, get a ship with a good cargo hold and then trade for money. Use the trade price lists and you'll make a killing. Precious metals and elite wood will make you a lot of money, to the point where money is meaningless. You can deposit money in a bank at 5% interest or higher. Keep it in Port Royale so you won't lose cash to a raid. Once you've got a few million, you will have no money worries again, you will make all you need from interest.
Ship and personal perks are THE KEYS to the game.

The "Old Sea Dog" perk will allow you to "Sail Away" even if a sqaudron catches you, though it won't work 100% of the time. Also, if you enter a battle when you first see the battle icon come up rather than letting the enemy start the battle by getting close, you will probably be able to go back to the strategic map and make the enemy disappear just as if you had outrun them.
Get a navigator with the "faster sailing" and "better manouver" perks asap.
Use land and other ships as obstacles to your persuers. Note that you can ride right through a battle that is occuring but your persuers will veer off from encounters like that.
Trust me, sooner or later the tides will be turned and the game becomes the other way around. You will be unbeatable.
