Cryptic crossword clue
Crew’s excited, gathering in monarch’s smashing boat 12

The most common and most likely answer to this crossword clue is the 12 letter word SHIPWRECKING

I've seen this crossword clue in The Daily Telegraph
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Buddy explains!

The straight part
We know that "smashing boat" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case smashing boat = shipwrecking.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does SHIPWRECKING mean?

SHIPWRECKING verb
  1. To wreck a boat through a collision or mishap.

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