Sail all around gut rim vacancies (15)

I believe the answer is:

circumnavigates

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'sail all around gut rim vacancies' is the definition.
I can't tell whether this defines the answer.

'around gut rim vacancies' is the wordplay.
'around' is an anagram indicator.
'gut'+'rim'+'vacancies'='gutrimvacancies'
'gutrimvacancies' with letters rearranged gives 'CIRCUMNAVIGATES'.

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I've seen this clue in the Sydney Morning Herald.

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