Help with fiding an episode

Way back in the 1990's I saw an episode whose plot was, in broad strokes: a large U.S Navy ship (maybe an aircraft carrier, I don't know) will soon be decommissioned and the ship's captain does not like it one bit. Therefore, he joins forces with Cobra Commander to use the ship for ??? (I don't claim to remember the plot perfectly). I remember he changed the insignia on his skipper cap for the Cobra insignia, which today I find hilarious. There was a flashback in the middle in which the captain, as a younger sailor, survived a storm aboard the same ship and said something to the effect of "she will protect us." The episode ends with GI Joe, or maybe Cobra? sinking the ship while two GI Joe's have this conversation - again, paraphrased:

"Do you think the captain will get court-martialed or go to jail?"

"I don't know" (GI Joe looks at ship sinking). "But I think he just had the worst punishment of his life."

I find that episode especially poignant and dark today, when I understand how much a ship can mean to a sailor.

Thanks!