I’ve used Cetol on different parts of the boat for about 30 years, I’m a fan of the product.
I have 3 different ways I treat the wood on the exterior of my boat - glossy Schooner varnish on the cap rails, hatches and companion ways - Natural Teak Cetol on my grab rails, boomkin, bowsprit and platform - raw teak (no treatment) around my cockpit well.
For me, the Natural Teak color is a bit more orange than I’d really prefer but works well in combination with the Schooner varnish.
I use Cetol on my bowsprit and platform because when I rebuilt them the bowsprit was white Doug fir and platform solid teak. I wanted a very durable finish that would blend the two wood colors. The platform is really detailed brush work and Cetol holds up for a couple of years without needing to be reapplied. Same with the boomkin - Doug fir and I wanted them to blend with the rest of my varnish (low maintenance).
Overall I could see Cetol as a reasonable choice for any exterior wood (especially if you plan to cruise the boat) - durability is hard to beat - but I’m still a bit of a purest and a glossy varnish provides a beautiful yacht quality finish.
Best of luck with your boat.
Don
