This paper shows a step forward in the development of a stabilized method for solving the Reynolds equations (RANSE) including free surface effects. The starting point of this method is the modified governing differential equations for an incompressible turbulent viscous flow and the free surface condition, incorporating necessary stabilization terms via a Finite Increment Calculus (FIC) procedure. Time integration scheme of the method is based on an implicit monolithic second order method. Implementation of the algorithm, based on the Finite Element Method (FEM) using unstructured grids of linear tetrahedra, allows us to take into account dynamic sinkage and trim, being especially adequate for hydrodynamic analysis of racing boats. This paper also presents a validation study of numerical results obtained for America’s Cup boats.