Speedy Boats

This location looked out into Biscayne Bay. Anchored nearby were three power boats. Flyer’s were available that described each boat’s specifications: length, width, LOA, speed, and so forth. On board each one was man signalling, using flags. We observed the first one, "..ONE THIS IS NOT THE ONE THIS IS..." We went to the next one, "... IS NOT THE ONE THIS IS..." Finally, the last boat was signaling, " ...OT THE ONE THIS IS KNOT THE ONE." Of course, that boat speed was 29 knots and that was knot, the answer.