So far I understand.

“slicing through the water” it is an absolute phrase that modifies not a single word “Cruiser” like appositive phrase usually does.

The cruiser created great waves,slicing through the water. Or we can write: Slicing through the water, the cruiser created great waves.

“Slicing through the water” this absolute phrase modifies —The cruiser created great waves as a whole.

After subject except separated by comma of appositive or absolute phrase, all are predicate in a sentence.

Thanks in advance.