Without the descriptive title I'm not too sure this clearly meets the challenge but I like to be open-minded about the subtlies of these things...
I think I would enjoy this more if there was some activity around the boat---people lpreparing to set sail, for example. Either that, some sort of animal life form, like a gull perched on the mast or pecking around the sand (darn those pesky birds for not accommodating your photography!). The boat itself isn't quite enough of a grabber for me in terms of subject matter. I understand using the vertical format to capture the masts (not sure if that's the right term) but I feel like this p.o.v. is a bit cramped. I would like to see more of an expanse of shoreline in the distance to really give me a sense of place (is this a beach with a rocky shoreline or gentle grass covered slopes?). I don't get the feeling of spaciousness of the seaside.
There is a lot of potential in this shot. There is the beginning of a nice mood and I do get a feeling of early morning light in this photo.
Nice catch, I don't live near the ocean but I would imagine this isn't very common. I like the angle you chose, gives it more character than a straight on shot.