Last boat I had also had leaking windows that created a streaked teak issue as you are noting. After fixing the leaks, we cleaned the wood with Murphy's Oil Soap, then applied a few coats of Howard's Feed-N-Wax. The Feed-N-Wax absorbed nicely into the wood and the streaks went away. Although a few really light bleached areas needed three coats to get it correct. This is a WHOLE lot easier than covering the wood with new veneer if it is just water streaked.
This is the stuff:
http://www.amazon.com/Howard-FW0016-Feed-N-Wax-Conditioner-16-Ounce/dp/B001BKQYGW
I can pick it up at local hardware and grocery stores in Washington and Oregon. Not sure how easy it will be to get in MD. If you have a Kroger Grocery Store around your area, they most like will stock it in the wood cleaning area of the store (by the Murphy's Oil Soap)