A cold water vessel (5)

I believe the answer is:

kayak

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'vessel' is the definition.
(kayak is a kind of vessel)

I can't explain the rest of the clue.

(Other definitions for kayak that I've seen before include "Type of canoe" , "Small canoe - a palindrome" , "A small covered canoe" , "Boat used by 23 Across" , "Inuit craft" .)

I've seen this clue in the Evening Standard.

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