I was out yesterday and the engine was running fine for the last few months and most of yesterday. I was running at 5000 rpm or so and then it made a sputtering noise and then slowly started throttling down till finally it would not go over 3000rpm (7 knots). This happened over a period of less than 5 minutes. At full throttle it will not go any faster than that with a load on it, with no load it runs fine. It is not overheating, I shut it down for over an hour, checked the fuel filter and water seperater, the water seperater had small black flecks in it. I cleaned the filters and the engine still does the same thing. In a nutshell engine was running fine and then in less then 5 minutes it started losing rpms and power even with full throttle until 3000 rpms. No smoke, hot water, extra heat or anything else out of the ordinary, any ideas? I could use all the help I could get especially with the time of year that we are in for fishing. Thank you in advance.