Caped character concealing nothing from a fellow afloat (7)
I believe the answer is:
boatman
'concealing nothing from a fellow afloat' is the definition.
I can't judge whether this defines the answer.
'caped character' is the wordplay.
'caped' becomes 'bo' (I can't explain this - if you can you should believe this answer much more).
'character' becomes 'atman' (I have seen 'Essential character' mean 'atman' so perhaps 'character' could also mean 'atman').
'bo'+'atman'='BOATMAN'
Can you help me to learn more?
(Other definitions for boatman that I've seen before include "One in charge of a small vessel" , "Water transport provider" , "Sailor" , "Fellow with craft" , "Rower - bargee" .)