My biggest question here is, what is the subject? If it is the water or the sky I would recommend using landscape orientation (and, as has been mentioned, moving the horizon up or down in the frame to accentuate the water or sky respectively). If the subject is the pipe I'm fine with the portrait orientation, and I like how you bring the pipe in from the corner of the frame. The far end of it is too centered horizontally though - if it is the subject of the shot and you want it to dominate the image, bring it all the way from the bottom right corner to, say, the left third of the shot.
I do like the shutter speed selection - I like the contrast between the smoothing of the waves (not overly done) and the detail of the pitting on the pipe.