Masking with text

You can duplicate the clip of the boat (which is for example on Track 1) to an upper track (to Track 3 for example), create a mask around the boat, do a mask tracking, put your text on a track between the original clip and its duplicate (put text on Track 2 for example).

If the boat's shape is changing dramatically over time, you may need to switch to After effects to do the masking.