I think hobgoblins would build sturdy, fast ships designed for ramming and boarding procedures. So, large, solid caravels, cogs, and other such things, probably. With big rams on the front, and spikes on the sides to help with boarding, but designed somehow to make it reasonably easy for the hobgoblins to separate their ship from their enemy's ship. Hobgoblins would rely on cannon for offense, probably including a cannon positioned on the forecastle or foredeck, to fire upon an enemy ship while rushing towards them at ramming speed. They would have a well-armored/thick hull, and rely on their cannons for a strong broadside to defeat the enemy, while keeping archers around with arrows that can be dipped in pitch and lit, to set enemy sails ablaze. Hobgoblins would probably rush in, firing as they go, try lighting the sails on fire, then get up alongside to board, rush in while using their foredeck cannon to aim at and blast clear a path, force their marines down to the holds, sabers swinging, grab some loot, then return back to their ship while the majority of their marines keep the path clear and the enemies busy.
Orcs would use simpler ships, probably longships like Vikings used, for quick shore-raiding while carrying lots of warriors and a modest amount of treasure back from each raid. They'd bring rope-ladders and climbing spikes to use in climbing onto any larger vessel that they might come across at sea. Or they might use some fast schooners and sloops, likely built as crude copies of some ships the orcs stole long ago, not terribly sturdy or well-armed. They'd swoop in quickly, their ship filled with warriors, sail on past the enemy ship, while the orcs swing from ropelines atop some specially-built high masts, swinging onto the enemy ship and attacking, working to bull rush sailors off the deck. The sloop or schooner would make additional passes as needed, depositing more warriors onto the enemy vessel. They might sometimes only swing out to toss Tanglefoot Bags, Thunderstones, fragile barrels of lard or blood or entrails (would orcs really even mind the stink of entrails on their ship?). Blind, frighten, or slip up the defenders, then toss orc marines down on them to push the poor sods overboard. As the schooner or sloop moves away, the archers can fire at enemy sailors in the water, ensuring they don't climb back up to join the fight on-deck. The orcs would just use archers for pelting the enemy as they close, and wouldn't want to set the enemy ship ablaze. To avoid having to build more ships, they'll try taking over the vessel, leaving a token crew of orcs to sail it back to port, probably with the schooner or sloop as escort.
Names depend on the cultures. Would elves name their ships after bits of poetry lines, or animals, or other concepts? Would they use names like Fury of the Wind or Red Wave or Black Sparrow or Blade of the Mourning Tide? Would they just use words in elven to name their ships that are so obscure that non-elves wouldn't recognize the words? Or name their vessels after elven kings, heroes, and such of yore?
Would orcs just name their vessel something guttural and meaningless, or perhaps something descriptively visceral and threatening? Would orcs even care enough to bother naming their ships, or do they just steal whatever ships they can and call them "my ship" or "Grug's ship"? Maybe orcs would name their ship after the captain they slew to take the ship, like "Asuvial's Doom" or "McBrady's Folly" or "Kazak's Coffin"? Name them after lands metaphors with colorful descriptors tacked on, i.e. "Bloody Mountain," "Storm's Peak," "Black Moon," "the Forest of Charrgath's Warship," or "Gray-Faced Doom." *shrug*
Hobgoblins would probably name their vessels after the captain and some appelation, or after a renowned hobgoblin of the past, such as "Vregar's Blade," "Shasruth's Hammer," "The Ironclad of Hakkar," or "King Forgun's Cutter," or "His Majesty Drastun." Or they'd name them after weapons, tactics, or other military stuff, probably, maybe with some colorful appelation attached, like "Gray Sword of Magdur," or "Iron Spear," or "Bloody Scimitar."