I worked on changing the composition, so that it was more pleasing in a square format, using these helpful hints. Then, I went to work, over the course of the next couple of weeks, creating the painting.
I used acrylic paints, palette knives, and ten brushes. (I photographed my process at different times of the day, so that it why the colors aren't the same.)
Finally, the end result. I like the way the boat's reflection is the made focus of the piece.
Because it's going in a show, I had the dilemma of what to do with the sides of the canvas. I continued the painting, so the rope on the buoy continues off the canvas.
This is a top view, where the rope originated from.
Here is the original rectangular piece and the final square painting.