Overload
I had this discussion with a good mechanic last week. It's possible that your engine is overloaded while operating. In other words, there is extra drag somewhere on your engine that causes it to create backpressure and overload the engine. Some causes are as follows:Barnacles or growth on the prop/shaft that causes it to overwork.Wrong prop for the engine (it could be overpropped), meaning that there is too much bite as the prop spins and would require reducing the pitch of the prop.Your mixing elbow could be coking up and causing back pressure. This is what happened to me. I experienced a severe loss of power, all at once, and began spewing loads of carbon into the water. I couldn't increase the rpm's.I had the mixing elbow changed and the smoking stopped. The old elbow was badly coked (buildup of carbon) and was severely restricting the flow of cooling water and exhaust from the engine. The symptoms that I had was that over the last year, the engine was smoking all the time and even at low rpm's. Mixing elbows are deceiving - they look fine, but you can't see the buildup. The mechanic said that Yanmar recommends that the mixing elbow be changed every 5 years (don't total the hours, just every 5 years).I hope this helps. Good Luck.