Yep, the "ugly" is pretty ugly
But I don't think I've ever seen anything quite that bad when watching my boat or any other ship with the external cam in real-time.
Yet I
have seen my boat and many other ships "airborne" like that, and every time it was caused by going to external cam,
pausing, then moving the camera in for the view I wanted. Not always, but often, the ship will be totally out of the water. I think it depends on how rough the seas are.
If I then un-pause, and instantly re-pause, the ship is back in the water where it belongs.
Did you pause for that screenie, then move the camera somewhere else to compose the shot?
DH