Hold down the speed up, lasers and Target the closet freighter. At a certain distance launch a bomb, or all of them when you are in range. try to do it a bit early so another bomb regen in time to power it down.

Once you see the objective complete, target the Scarabs and hunt em down. I recommend going for the ones that came at you ealier in the beginning, as they will stay around where you spawned. The other Scarabs will come towards you as you deal with them. Note, each wave of scarabs will spawn in the same place. The benefit of this section is you have a time frame before the missile frigate spawns in.

Once the Scarabs are taken care of, you need to take down the repair ships and Scarabs. Ignore everything else. I recommend going for the Scarabs first depending what position you are at, so you don't have to deal with them being scattered around.

Once you see the objective complete twice, go close to the cargo on the bottom side and take out the fighters that spawn there. You try any angle you prefer best. Don't worry about damaging it once at this part if you haven't done too much earlier.