The Cruiser seems to be the GTA Chinatown Wars equivalent of the Squalo, as they have a great amount of similarity in appearance, but is more compact. It has a stripe that runs down the front hood of the boat that has many different colors. Also, a large spoiler sits on the back of the boat.
The Cruiser is generally a fast boat with impressive speed. Handling is terrible but the use of the handbrake can help. Its acceleration is good and it can sustain a good amount of damage without being destroyed.