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NK

Hard to tell from the pic, where is the water coming from? the shaft log? Or from the fiberglass below? Is the water clear sea water? Or is it oily, sticky?

 

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I would find it hard to believe that water would run uphill from the shaft to where you are indicating the leak. Are you sure the clamps are holding tight on the exhaust hose? Is the exhaust hose above waterline there? I doubt it considering the height over the shaft. So if the hose is under water, perhaps some pressure builds up when running and then goes away when shut down. Try tightening the clamps, or better, get 2 very good new ones to tighten down the hose. Is there signs of aging of the hose? Could be cracked.