The Christina Rose is the boat Michael bought for him and Lincoln to live in until their scuba shop and new home in Panama was built. Michael bought and stored a lot of booze in the boat for a celebration when they start their new lives.
The Christina Rose boat
When Michael and Lincoln arrived to Panama, Michael shortly parted ways with Lincoln to meet Sucre after receiving a message from the wall to help capture T-Bag before he kills/harms anyone else and to get the money from him. Michael finds out it was a set up since Sucre was held at gunpoint by Bellick who was after the money as well. Michael agrees to help Bellick get the money or Maricruz will die. He gives Lincoln a walkie talkie if they need to contact each other.
The setup was actually planned by Mahone who was after the Christina Rose and the money as well. Mahone pursued Michael but was attacked by Lincoln, Mahone won and tied Lincoln to a pole.
When Michael returned to the boat he tried to contact Lincoln but Mahone answered, negotiating for the boat and the money in exchange for his brother.
Michael sets Mahone up by planting cocaine in the boat and tipping the police off about a recent drug trafficking. Michael arrives at the warehouse but doesn't bring the money. Agent Kim arrives afterwards. Frustrated nothing went as he expected, Mahone starts a fight by firing a shot at Kim, whose henchmen retaliate. Lincoln quickly evades the crossfire and escapes with Michael. Mahone escapes as well and departs on the boat only to be stopped by the police and arrested on drug smuggling charges.
Police find cocaine in The Christina Rose, leading to the incarceration of Mahone