The Race tab shows how the current seasonal regatta is progressing. There, you can find the list of all participating co-ops ranked by their current score. Just look for your co-op's badge to find it. Next to your yacht, you can see how many points your co-op has earned in the current seasonal regatta.
There's a number of checkpoints, or chests, along the way, and you collect them when you earn a certain number of points. Chests are exchanged for rewards at the end of the race.
You can check your personal progress in the current regatta by tapping Statistics in the Tasks tab.
To see your co-op's statistics, go to the Season tab and tap the icon in the upper-left corner of the map. Keep in mind that during the interseasonal regatta you'll see the results of the previous competition.