Well, in 1939, the Germans were sinking a measly 120-140k Tons per month i.e in the 4 months of 1939 they sunk just about 0.5 million tons of Shipping, in 1940 too upto July the stats are bad, but then the game changes-
From July 1940 to Feb 1943, they average over 300k Tons per month i.e. more than double due to the vastly decreased distance and the risks of crossing the channel being removed. 300k means in a year they average close to 4 million tons.
Overall they sank nearly 15 million tons of shipping in the whole war.
The UK starts with this-
UK - 6722 ships, 17,891,134 tons
USA - 2345 ships, 8,909,892 tons
Japan - 1609 ships, 5,996,607 tons
Norway - 1987 ships, 4,833,813 tons
Germany - 2459 ships, 4,482,662 tons
Italy - 1227 ships, 3,424,804 tons
British Commonwealth* - 2255 ships, 3,110,791 tons
Netherlands - 1523 ships, 2,969,578 tons
France - 1231 ships, 2,933,933 tons
Greece - 607 ships, 1,780,666 tons
Denmark - 705 ships, 1,174,944 tons
The UK + Commonwealth have nearly 21 Million Tons of Shipping, roughly 40% of the World.
Further, bulk of the Dutch, Danish and Norwegian shipping totalling over 8 million tons was added in mid 1940.
This meant, UK had direct/indirect control of 60% of World's Shipping by mid 1940. Some of the French and Greek Fleets also joined the UK, which i have not counted.
Nearly half of the German Merchant Marine was sunk or captured in 1939 itself (or interred in neutral countries).
Now, losing 4 million a year out 21 million is not big because you are receiving replacements due to many reasons- you have convoys so less useless imports and also you get those allied ships, but if you start losing 8 instead of 4 then things will turn bad and if that number somehow crosses 10, then things may go kaput.
By mid-1940, the Commonwealth had over 30 million tons of shipping at their disposal (even accounting for sinking) and were replacing their merchant marine fast with USA's help.
Now in our alternative History- the earlier Sept 1939 to July 1940 figures can go upto 250k pm instead of 130k pm so netting an extra 1.5 million tons lost.
But if in July 1940 to say Feb 1943, UK loses an average of 600k per month instead of 300k (taking a very conservative figure after assuming the 300 U-Boats available instead of 49, also more type VII and IX ones, the 300 U-Boats are built at the cost of Bismarck, Tirpitz and the heavy Cruisers like Lutzow and the H-41 type BBs etc, the Steel used for them should compensate more than enough). Then, the UK is losing 8 million a year and despite replacements it will go into deficit by early/mid 1942 and then into DEEP RED.
All this means by Feb 1942, the UK would have lost 19 million tons of shipping instead of the 9.5-10 million it had lost historically at that point in time. That should pretty well cripple the UK into a country which is building only Convoys and Escorts and no Bombers or Land based equipment.
Also, though the USA comes into the War by now, they cannot immediately start cranking those Liberties at the furious pace of 1944-45. Again, the USN was notorious for its lax security features against the U-Boats as denoted in Operation Drumbeat etc by Donitz in his book.