Who has the “right of way” on the water?

The Coast Guard Navigation Rules do not grant privileges or rights, they impose responsibilities and require precaution under all conditions and circumstances. Power-driven vessels are to keep out of the way (Rule 18) and either give-way (Rule 16) or stand-on (Rule 17) to vessels not under command or restricted in their ability to maneuver, sailing vessels or vessels engaged in fishing, ascending, or descending a river (Rule 14(d)). Similarly, all vessels should avoid impeding the safe passage of a vessel constrained by her draft (Rule 18), navigating a narrow channel (Rule 9), or traffic separation scheme (Rule 10).

This said, in the United States, the Inland Navigation Rules (Inland Rule 9(a)(ii) do convey a right-of-way in a unique circumstance: to power-driven vessels proceeding downbound with a following current in narrow channels or fairways of the Great Lakes, Western Rivers, or other waters specified by regulation (33 CFR 89.25).