So, Edward level 10 (sailing 5/no windcatcher) started the same time as Edward level 40 (sailing 25/windcatcher 5.) About 2/3rds the way through:
http://i476.photobucket.com/albums/r...3_15-34-40.jpg
Then, close to the end,
http://i476.photobucket.com/albums/r...3_15-36-48.jpg - Edward 10 won the 7 minute "race" by 37 seconds. No doubt, it was all lag from running two pirates at the same time...but still. 20% faster should have been, well, 20% faster, not 20% slower.