Yep, right, all mods previously good. Hadn't switched any out previous to the save. Everything smooth before I saved.
You're right, that's a salmon texture that's screwed. I was using other mods/skins prior to this TMO version, but have none of that loaded now.
Going to un-install, re-install and see what happens.
EDIT / UPDATE:
Disabling and re-enabling the mods didn't fix it. But it's only the salmon/sargo texture that's messed up. The other boats are good.