This artwork is simply amazing. It's certainly detailed, in unity and gives off a strong presence of the scenery that's happening. I can almost feel the event happening, imagine myself on that ship that's being entangled and destroyed by the creature of the seas. The way you've drawn the Kraken and it's tentacles around the ships body definitely helps shows the realism, as well as the details like the slime that's shown on the farthest top left tentacle.
Other then that, it's hands down one of the best sea creature artworks I've seen on newgrounds! Wonderful job.