If that is bottom paint the cracks could be more superficial then they appear and could be confined to the paint and barrier coat. The weeping seen could be from moisture underneath the bottom paint were some delamination has occurred between the paint layers and not be in the gel coat at all. It all depends on how thick or how many coats are on it. My hull bottom had been sprayed with gel coat and developed similar cracks. I sanded it down in a small area and found the original gelcoat underneath in good condition with no cracks.
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[b]The Moose is Loose !
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