The pair, who started racing together 10 years ago in Flying Fifteens after leaving the Trailer Sailer ranks, finished ninth in the 57-boat fleet yesterday. On Monday they were sixth and on Sunday they recorded second and fourth placings.
"We thought we had an ordinary day today in the tricky light breeze after being 20th around the top mark and working our way to ninth. But we will take the lead," Owen said.
"The calibre of people around us is pretty high. There are some fast young Kiwis and then there is the master of this class," he said referring to England's Steve Goacher, who with crewman Tim Harper posted their second consecutive win in their unnamed boat yesterday.
"Steve is the danger man. He is a talented sailor and a lovely guy. I won an Aussie championship with him four years ago in Perth."
Owen and Reed are competing in their third world championship. They finished 14th in their first in England and fifth in Hong Kong four years ago.
Should they complete the double on Friday, expect the Napier Sailing Club members to label Owen an "honorary" Hawke's Bay man. His wife Karen (nee Miller) was born in Napier 50 years ago and later this week the family will celebrate her 50th birthday in Napier.
Second-equal with Goacher and Harper after yesterday's race were another Great Britain pair of skipper David McKee and crewman Mal Hartland who are racing Fiery Chariot. After five races crews can discard their worst race so fans could see some dramatic changes on the leaderboard tonight.
The host club pair of skipper Hayden Percy and Scott Pedersen, who are racing Fflorin, are the best of the Kiwis. They will start today in fifth place, 12 points behind Owen and Reed.
After two general recalls, yesterday's race started on the third attempt. Similar light breezes are expected today.