Okay, overall, the water is really nice. Clouds are decent and so are the rocks. However, with the larger rocks, they could do with a bit of eroded displacement. You'd expect smaller rocks to be pebble like, but once you get rocks of certain size, they become less smooth and what not. The texture on your first ship, the buis, is really muddy and not very well defined. The second ship is much better textured by comparison. The models are good though, just the texture on the first ship that needs a bit of work (if possible).
Also, the direction the cloud is blowing is not the same as the way the sails and the flag are being affected on the two ships. A discerning eye would be able to spot that, but this is just a very minor nitpick. Overall, I'd say the scene is well composed and has good potential. I really do like the water you've set up.