No not yet
Thanks much for thoughts. Ive just never seen anything like it/bubbling varnishAs Steve Bateman said... Find the leak. Remove the port and rebed it, or fix the gasket, or whatever it needs.
As Capta said... "I've had great luck stripping off the varnish on the bad areas, sanding it lightly, then using a wood stain to get it back to the proper color. Then revarnish." Just be really careful with the sanding. The teak veneer is thin, really thin. And, you may need to bleach the teak with Clorox or oxalic acid to remove any black mildew.