-- Last Updated: Jun-20-13 2:17 PM EST --
However, not for UNDER WATER use. As the name implies, it is meant for spars (masts and booms--and cabin sides, etc.) If you look at any spar varnish label, it usually has a statement that reads something like "not for use below the waterline" or "only for use above the waterline". They are meant for large wooden sailboats and motorboats, or those with lots of wood on deck.
We canoeists and kayakers get away with it because our hulls and paddles don't STAY in the water all the time. But after my experience, I wouldn't trust a water-based varnish for anything. Why get water-based if it has no advantages and one great disadvantage and it costs the same as say, Minwax Helmsman, which WON'T blister and peel off?
Touring Kayak Paddles
Reflective Hull Decals
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