Signed and dated lower right, "Rembrandt 1645".
The correct order of the states was first pointed out by Bir̲klund; previously the third state was believed to have preceded the second. (White and Boon)
The shadow falling over the boat and grotto greatly reduced with the burnisher, leaving broken and indefinite lines. The bow of the boat appears shortened and no longer projects beyond the grotto. (White and Boon)