Maybe I should have said: Today's boat builders fine it too heavy, too difficult to work, and certainly too expensive. The trend today is lightweight sandwich sailboat hulls of fiberglass, kevlar, graphite, etc. over lightweight cores of foam, balsa, honey comb, etc. With these it is easier to form and achieve a light, yet strong structure, with smooth lines. Weight saved results in less wetted surface, and faster sailing vessels.
I know all about ships of steel AND other materials and displacement vs bouyancy. I spent 22 years in the navy on a few smaller ships, but since I was in Naval Aviation, most of my sea time was spent on aircraft carriers (Kennedy, Independence, Kitty Hawk, etc. Also, in the early 70's during my first assignment, in my off time I was building a 55'
ferrocement two masted ketch. It was the size of the boat below, but that is not mine. I was transferred and was lucky to sell the hull armature.