Looks good, I like the perspective.

Whenever you don't know how to do something, look at references, not only pictures but other peoples work too.

Here is a piece I once used for water inspiration: http://www.pixeljoint.com/pixelart/15080.htm

and the piece I made: http://www.pixeljoint.com/pixelart/24807.htm

I know I didn't pull it off as well, but you can see how I used it for inspiration. Photos are good too.



A couple crits: the color choice is odd, is the boat made of metal? If so then I'd imagine it to be lighter and shinier and not dithered. Due to the perspective, you should not be able to see the top of the little cube on the back of the boat.

Otherwise keep working.