think the rules over here are pretty much the same.
As you said the Cruise ship was the Stand -on vessel and the yacht the Give way vessel. The yacht had the choice to slow down and let the ship pass or alter course to starboard to pass astern of it.
Not as though you couldn't see this thing coming anyway
Also ship announced its departure On VHF and with horn.
(and yes rules of vessel restricted in ability to maneuver and constrained by draft did apply.)
One other rule that does seem to apply though is the "General Prudential rule" .It says "consider any special circumstances that may make you depart from the rules to avoid immediate danger"
So even if the saily thing thought he had right of way ;the above rule would suggest,'
"Get out of the #*##*** way, you are going to get creamed !!!!
(well at least thats my interpretation of it