I find urethanes to be very prone to peeling, Minwax Helmsman being one of the worst offenders. I'd have used a product called Sikkens. They make all kinds of exterior stains and clear coats for many different applications. The stuff will gradually wear away but won't peel, much like a semi transparent stain won't peel, but a solid stain or paint generally will. Even their solid decking stain doesn't peel....one coat lasts me at least two or three years....just wears off, doesn't peel. Great stuff.
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