I have a 22' boat with a 5.7L with raw salt water cooling and thru hull exhaust. It has had recent overheating issues which have been solved. But now i Have oil or fuel I think in the exhaust water when I start the boat. After running for 30 seconds it clears. The water is more dirty looking than oily. Also I'm getting some black smoke when I first start her up. As soon as she is warm it will stop.<br />One thing I can say my oil is clean (no water/whiteness) and I am not loosing any and I use the boat alot!<br /><br />Only thing I think it can be is she is running rich because I have'nt put the thermostat back in since I fixed my overheating problem in July. <br /><br />Any suggestions?