What does 'draft' refer to in terms of boating?

The term 'draft' in boating correctly refers to the minimum depth of water in which a vessel can float without grounding. This measurement is crucial because it helps boaters determine whether their vessel can safely navigate in a particular waterway without running aground or encountering obstacles beneath the surface. The draft is defined by the lowest point of the hull below the waterline, and knowing it allows boaters to assess water depths and choose routes that are safe for their vessel.

The other options do not encompass the meaning of 'draft' as established in nautical terminology. The vertical distance from the waterline to the gunwale pertains to the boat's freeboard and does not indicate how deep the water needs to be for the vessel to float. The speed at which a boat can travel relates to its performance, not its water needs. The area for storing equipment describes a storage feature of the boat rather than a measurement relevant to its interaction with water.