The standard loadout is kerosene, Phoenix claw, and hydrogen. Kero goes faster, claw turns faster, and hydro makes you go up. Note with hydro only turn it on for an instant (on off) because effects last 5 seconds. Tool use is absolutely essential and you won't win without them.
Use kero whenever you need to go somewhere quicker. It does very little damage to engines and it can even be repaired with just a spanner, same with claw. Use kero all the time. On ships like Pyramidion and carronade goldfish I burn the whole time. Burn burn burn it's a huge benefit with very little cost.
Effective engineering is equally important. Burn your tools unless you don't have to. Kerosene and claw are your best friends. Make sure you can switch quickly. Tools make a vital difference in matches. The best way to learn is playing with an experienced captain.