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I've tried a variety of finishes for outdoor use, and decided a film finish may look good for a while if you like that kind of look. But, all film finishes will fail, some sooner or some later. When they do some major sanding will be in order. If you trap the air inside of the wood, it will react under the film. It will turn cloudy and crusty.
Suggesting a product like Epiphanes, seems to happen to go along with what others suggest. It's like contagious. I've used it and other top spars, like Interlux Schooner. They are good finishes, and it's recommended to apply 6-7 coats. At the cost of that stuff, 6-7 coats of any spar should work for a year or so.
is a penetrating finish that when used you don't have that problem. If maintenance is necessary, there's no sanding, just clean and re-apply. Just like spars, (which take forever to dry, and don't really get hard) once cured doesn't rub off on clothing. Steve mentioned Penofin is no better than vegetable oil. He admittedly never used Penofin. It has a high UV factor, comes in clear and colors.