Padding around mast?

Are you sure it's padding. My guess is that it's the remains of adhesive plastic that was placed there to identify the boat as competing within a particular division at a regatta.
 
That doesn't look like the adhesive tapes used for identification. It's too thick. It looks like something blue that has been painted to match the aluminum, and then the paint peeled off in front. I've never seen anything like it.
 
It looks like a plastic wallet used to identify fleets. We use them at UK events as the radials race in flights. Just your standard plastic document wallet, usually attached with tape.
 

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