It would be a benefit to Naval Engineering with respect to ship design to have a better treatment of sub-grid scale fluid dynamics for computer models of microbubble drag reduction: improve on RANS and LES for this special application. This would be especially true of a sub-grid scale approach that explained and implemented how microbubbles affect ship resistance and efficiency. Understanding more deeply the fluid dynamics of the process of microbubble drag reduction would be required. A PhD verifies that you have created something new, something original, and such a new sub-grid scale algorithm may suffice.
Depending on who you are, and whether your advisors and professors will support your choices, a research effort to clarify how microbubbles actually work when present in a range of seas from calm to gale will require careful examination of the casual, common-sense answers I have read! Do the microbubbles just change the character of the fluid, or do they actually effect a change in the dynamics of the flow?
This topic will be difficult, but then, isn't anything of true value like that? After all, the history of science and engineering is a long record of "doing it right this time" and that is not easy.