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The RPG that Frey referred to is the RPG-7, just as mentioning an AK specifically refers to the AK47. When only RPG is mentioned without a specific model, those three letters invariably mean RPG-7, which seems to be the universal practice worldwide.
Frey was in charge of training all the rocket launcher operators in the Skull Gang, and everyone knew about his proficiency with the launcher. After just a shout from Frey, one of the operators immediately ran over and handed him an RPG-7 that had just been reloaded with a new rocket.
After shouldering the launcher, Frey didn't fire at the target immediately upon sighting it, unlike the Skull Gang's shooters who would launch their rockets as if the launcher tube was scalding their shoulders. Frey first calculated the speed and distance of the speedboat and, after figuring out the lead needed, then he fired the rocket.