A privileged vessel, now formally termed the stand-on vessel under international regulations (COLREGs), is the boat with right-of-way that must maintain its course and speed when approaching another vessel, known as the give-way (burdened) vessel. It has the responsibility to hold steady to allow the give-way vessel to maneuver safely around it.

Key Aspects of the Privileged Vessel:
Responsibility: While privileged, the vessel must follow Rule 17 to maintain course and speed to avoid confusing the give-way vessel.

Limitations: If a collision becomes imminent ("in extremis"), the privileged vessel must take action to avoid it, as no vessel has an absolute right of way.

Examples: Generally, a sailing vessel is the privileged (stand-on) vessel when encountering a power-driven vessel. A vessel being overtaken is also considered the privileged vessel.

Context: The term is sometimes used interchangeably with "stand-on," although "stand-on" is the current official terminology.