With cargo being more valuable now, I think it might be worthwhile to alter the dynamics of dumping it. As it takes time to move stuff from hold to deck, I think cargo should only be dumped at the end of 30 seconds rather than the beginning as currently is the case. The alert player will thrive, while catching someone unawares will be rewarded.
I would further suggest that dumped cargo remain on the open world for looting for two minutes. In a pinch, the shipwreck mechanics could be reused, but it would ideally give a rough weight of what was dumped, so people could try to gamble on whether it is worth breaking off the chase to collect dumped goods, or continue chasing.
I believe this will increase the options for merchants, while also rewarding those who are alert. Further, it allows for more dynamic gameplay during a long chase, while utilizing code and resources already present.