There's a couple of things going on with a capital ship's steam plant. The number (and efficiency) of the boilers creates a "need" for a certain length of "chimney" from the oil burners in the boilers (allowing, also for the balancing effect of the blowers supplying combustion air to the boiler spaces). To complicate the equation a bit more, the number of boilers "lit" has to be able to vary, as well.
Now, with all that draft going, it becomes a convenient place to exhaust anything unwanted over the side. So, there's lots of gas volume of many components exiting a naval stack.
Sticking said stack on an aircraft carrier adds a whole 'nuther level of complexity. USS Langley had hinged stacks, IIRC, which the engineering department is alleged to have not liked at all. But, the deck plan was not wide enough to get the exhaust gasses out of the flight operations envelope in any other fashion. Consider the solution used by Lexington & Saratoga. The height of the stack mass was dictated by the engineering plant, and by flight operations.
Now, it's been years since I sat in classroom being taught steam engineering plants, but the IJN carrier designs were cited for both their hits and misses (as engineering solutions). One of the less-good ideas was the turn-down on the funnel.
The top edge of that funnel would be as hot as the gasses running over it, the lower edge not so much. Driving that heated metal shape at full throuttle in humid conditions is likely to create condensate. As much as on the rendering? Dunno.