Goofs

At the end of the film, the suds from the shampoo in Rae's hair disappear.

At the beginning of the film in the Railway station, you can see Christmas decorations all around. If this is supposedly set in Australia (as John is in the Royal Australian Navy), then at Christmas time (summer in Australia) the sailors, including John; would be wearing their summer uniform. In the film, each man is wearing RAN Winter uniform.

When the row-boat is being rowed to meet the yacht, the sea is rough, but when the yacht is sailing to meet it, the sea is completely flat.

In the scene where Rae is loading the shotgun, you can see the primers of the shotgun shells that have already been fired.

When Rae goes to open the closet in which the shotgun is hidden, a close-up on the brassy door knob reveals a technician in the background wearing a red T-shirt, whereas she is supposed to be alone on the deck, with Billy Zane's character being locked in a cabin, and her husband busy rowing towards the schooner.

When Rae tells Hughie to get the canopy down, he shuts the door and we see Rae through a mirror while she gets the shotgun; the camera is briefly visible in the mirror before quickly moving out of sight.

As John is searching the Black Schooner for clues, he encounters a door that is blocked from opening fully. In John's attempt to open this door, he uses a shoulder-block against it many times. He is using the arm/shoulder that was just injured by the propeller and is bleeding. Seems like he would notice this after the first hit and switch sides.