The subjects are too close to the camera which results in the distortion of the otherwise straight lines. If you shoot a city skyline or a mountain range at a long distance, you will not see this effect as much. For what it is, a pano of a city, it's fine. Nothing to write home about, but it's not bad, technically. Everything is merged together correctly.
I actually like the location. It definitely gives a certain in-city perspective rarely seen. Concerning distortion, it is almost always best to avoid using lenses less than 50 mm for that very reason. Has your prof got you into "nodal points" or "entry Points" yet? It is proper nodal point adjustment that allows you to include really close foreground objects in a sweeping panorama. For a quick primer, check out the pano section on Really Right Stuff's website. For hundreds of more detailed links, and a greater variety of imput, nodalninja.com has a huge number of links.
I really like the concept of your shot. The range of lighting makes it tough on the shadows. I'd like to see the same shot on a cloudy day, or near the "magic hours", when the lighting is more even, and you use a longer lens.
Your second one works very well for me!
The brightness of the boat is balanced by the garish colors of the gentleman on the right and the draws my eye around the photograph.
I would have liked to have been able to see the top of the boat, but thats not a picture killer.
- Tom