FFO Name: Canoe
"Light boat good for traveling lakes and rivers."
I wouldn't exactly call the Canoe an item, except that it is in the ROM as one. It won't actually show up on your list during the game though (except on the remake). You get it from one of the Sages in Crescent Lake after defeating Lich.
The Canoe's the same thing in the Japanese version. You'll also find a Canoe in FF2j and FF3j.