Sheltered bay for old fellow (4)
I believe the answer is:
cove
I believe this is a double definition.
'sheltered bay' is the first definition.
(I've seen this before)
'old fellow' is the second definition.
(old-fashioned slang term)
'for' is the link.
(Other definitions for cove that I've seen before include "Sheltered bay, inlet" , "A small inlet or slangy bloke" , "Small bay or Dickensian chap" , "A small sea inlet or slangy man" , "Sheltered accommodation" .)