What to do?
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Just had a better look at this today and looks like it is spitting or is is water inside the board causing the wood to split?
Might seem like a stupid question, but have you closed your vent screw? You'd be amazed how many sail with this opened.
Pics aren't real good but the wood is actually swollen and seeing gaps between the wood? might be past sanding and paint I think?
I'd sand and apply some epoxy resin to seal it properly, then paint. I've seen a few starboards now where the grain of the veneer is starting to print through the paint. Not enough epoxy on them IMO.
Moz,
That exact same thing happened when I got it so I sanded it back and repainted the bottom. I'd sand it lightly back and repaint with a killrust grey as that will seal the veneer again. No need to use epoxy. Give us a call tomorrow and I'll take you through exactly what to do.