A visual example can be seen in the prologue in the interactive cutscene with the Silver Dawn, but in this situation it has to be in a 2D plane. This could work well enough with control grouping ships and would allow you to move torpedo vessels to the front , side by side, so they wont shoot each other in the back.
Currently the only formation i can do is a line which, although i have been quite successful with, sometimes , it can be quite risky and slow. the way ships currently follow a ship that is already being followed by another makes it quite annoying if this isnt what you wanted, instead it should stay side by side to the other following ship, and not behind it. and if you wanted to form a line you should just need to make the selected ship follow the ship that is following the other.
This will be even more helpful if the devs, and i hope they do, increase the fleet capacity that we can bring into battle.
Method: Having a selected ship and holding down the right mouse button after clicking it on the ship that you want to follow makes you create an adjustable line from where the ship should follow its target, just like when your are giving a move order on your vessel where the order line and the arrow show up pointing the ships direction. (the player should know that slower vessels wont do much good by following faster ones). and to give an move order you would just have to select the lead vessel.
Example: "0" is a ship and "\ , /, | ,- " order lines (like the one that appears when you order a ship to follow another one)
following vessel 0\ /0 following vessel \ / following vessel 0------ 0 lead vessel / | / | following vessel 0 | 0 following vessel