Its just visual. They still have the same exact stats and everything, it just LOOKS like they have very little health and protection. its WAI, check the update notes for 5/1/2017
My ships all look like they did when I was level 60, seem to be hitting for the same and taking same amount of damage. I don't really understand why it has changed unless it has something to do with another ship mode coming to the game, or they have been wrong the whole time and they just now fixed it.
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could be