[AdamLein]

No vessels are "privileged" when they're all about to collide :P The rules identify actions each boat needs to take relative to each other boat so that everybody knows what to expect, not so that one boat gets to say, "If you rank us according to privilege, I come out on top, so if the rest of you will please stop colliding with me I would appreciate it."

That said I understand that the port tack boat gives way to the starboard tack boat, and the overtaking vessel gives way to the vessel overtaken.