I guess they are not worthless as I just captured one and a frigate was near one of my conquered cities with only 1 hp left. I was able to use the rails to get it over to a point where it could take out the ship.
Ive been having loads of fun with CM, they are great for city bombardment prior to attacking with your Armies. Scored one excellent shot on an enemy transport that was already in the yellow and sunk her with all the troops still on board 
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