I've been applying Cetol products for 15 years on lots of teak on my boat.
My findings. Cetol gloss must be applied over a base coat. Used by itself it will peel as it doesn't stick well to bare wood. A maintenance
coat of Gloss will keep it looking like new while not obscuring the grain. Recoating with just base coats (Cetol Marine
, Light, or Teak) will hide the grain and give it the Orangey look that is objectionable. Though not recommended on the can, I thin with Penetrol to give a smooth ridge-free coating. In the Chesapeake that one coat of Gloss applied annually is enough to rival varnish (well, almost - but with less work).