Holy Toledo Batman, there is a lot of teak on your boat! Gorgeous but a bit of work, eh?
Great suggestions on the use of HT by RichH above. I had a similar problem using Bristol Finish (BF) on a much smaller project (grab rails) for my boat - the dreaded bubbling. Subsequent sanding and re-coating seemed to take care of it.
I second or third the advice of only using an oil based product like teak oil or the Semco mentioned on your decks or nothing at all. Most regular finishes can get quite slippery when wet.
Cetol (Interlux) recently came out with a new flavor called 'Natural Teak' which I have used on most of my exterior teak (not nearly as much as yours) with positive results with mostly annual maintenance. I'm quite sure it is cheaper, looks more like varnish then Cetol 'Marine' and does not have the 'bubble up' issue that some of the eurathane products seem to have like HT and BF.
I hope that HT works out for you with RichH's advice.
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