I'm at a lost of words. This artwork is certainly breath-taking...so much is going on in this drawing, yet at the same time there isn't. One can simply say "Oh, it's a drawing of a Kraken attacking a lone ship" but this drawing shows something beyond that, with the amount of detail you've put in.
First is the colors - You obviously pass on the shading, and the colors of the Kraken and ocean is differentiated very well, so it's easy to look at these two major objects as separate things. Then there's the tiny ship on the bottom right. Tbh, I think you could've added more shading on this tiny figure so that it stands out a bit more in the murky waters. It's easy not to notice that small fellow in the water, compared to the ginormous size of the sea creature.
The one thing I'm definitely stoked at is the many movements that is happening in the drawing. This is probably the strongest element you've used in the drawing. The amount of waves and splashes that's happening on the surface of the water, the writhing and aggressive movements of the tentacles - even the stains of water that's being flicked off of the tentacles indicates that these bad boys just popped out of the water as is ready to attack!