I refinished the mahogany (Honduran) on a 1959 Owens cruising boat.
Much of the wood was completely bleached since it hadn't been taken
care of for many years and completely exposed to the weather.

I used a marine stain filler and the color was beautiful and
consistent.  It produced a brilliant translucent grain similar to the
finish on my 1928 Schulz upright.  The type I used was Pettit Specialty
Paste Wood Filler/Stain, Red Mahogany.  There are other similar marine
products, but I haven't tried them.  You can thin it to the desired
color.  You won't get the complete picture on a test patch with this
product unless you cover the stained area with a finish.

You can get it from most boat supply stores or online at West Marine,
Boaters World, or whomever is cheapest.  It's worth a try for about
$15.00.

There are some really excellent marine varnishes worth trying out too.
You won't get any white rings from a wet glass with marine products.
Good Luck!

Jeff Lofton
Maryland, USA