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You typically have to queue immediately to get in a group right when the boat first sets sail. The queue lasts 15 minutes after starting. If you wait the full 15 minutes and a group has not filled, it will automatically start a fishing expedition with whoever is still queued. If you only wait 10 minutes and then cancel the queue, you're causing yourself to miss the boat.
Depending on the time of day, it may be less populated, but it's not dead. You can always do it, you just might have to wait for the whole 15 minute timer to be up.
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It's not dead, but people queue up fast - usually people are waiting for the entry to be available about 5mins before the departure time starts.
If no one shows up a few minutes beforehand it's either dead, or you're playing out of peak hours for your region/server.
Having a boat to yourself, or maybe 3 other people at 4 am is sometimes funny though.