Cetol Vs Honey Teak
Another option that will give you that "8 coats of varnish" look and only require annual refinishing IS varnish. I keep all my brightwork covered with sunbrella except when using the boat. My regular Schooner varnish looks great and needs only a touch-up coat (or two) once a year in our Southern California sun.
The boat is used once a week about 9 months a year.