Good. They still have 1 year and 9 months to build the remaining 88.
If the AI were any good, it would add more transports when it has a fleet that strength so it can actually use its navy to project power.
There are few nightmares like being at a naval disadvantage against someone who can land stacks large enough to assault your provinces. Ships are much faster than even forced march after all.
As for the AI, considering that the derps are otherwise very vulnerable (to the point of being exceptional other than Denmark which does the same thing) when defeated at sea, this kind of investment makes sense, though IMO if they have an advantage at sea they should press it more it's hard to get the AI to do that I'd imagine. At this point fighting them on land or at sea is doable in both cases, but it's no longer a situation where beating them at sea is GROSSLY easier, other than early BYZ starts.
When I attacked them as Persia they had 250 ships, but it was a 100% land war in my case (I simply couldn't reach Greece). No big deal when they get crushed by rebels, that'll shrink the fleet lol.