The Collaborative International Dictionary of English v.0.48:

Carvelbuilt \Car"vel*built\, a. (Shipbuilding)
   Having the planks meet flush at the seams, instead of lapping
   as in a clinker-built vessel.
   [1913 Webster]

WordNet (r) 3.0 (2006):

carvel-built
    adj 1: (of ships) built with flush (rather than overlapping)
           hull planks [ant: clincher-built, clinker-built,
           lap-strake, lap-straked, lap-streak, lap-
           streaked]