Another Kriegsmarine light cruiser of the K-class, most probably the Karlsruhe again.

http://en.wikipedia.org/wiki/German_cruiser_Karlsruhe

Is is not a Kriegsmarine cruiser.

It's a Regia Marina battleship, . The Italian style is umistakeable, and it has the red-white identification pattern typical of the Mediterranean.

On this link it is identified as the Roma.

http://brickmuppet.blogspot.it/2006/07/battleships-without-pants.html

Historynerd, you're correct. This mil.homeip.net mirror page says that she is the Italian Conte di Cavour-class battleship Giulio Cesare. Awesome.