Use a carbide drill
there are many different grades of stainless. some are martensitic (harden and temper grades) but those will rust in the marine environment. Most of the marine stainless is austinitic and as others note it will work harden. The material is very ductile also so getting chips to break off and out of the cutting zone is more difficult. There is a huge variety of tooling available, you are using the wrong kind of drill. Get a split point carbide and preferably titanium nitride coated and use a good coolant as previously noted. The split point allows for easier penetration of the drill. Think of it like this, at the exact center of rotation to relative speed of the drill point is zero. So try taking a very small diameter rod and forcing it through a piece of solid stainless, hard right? (also known as a punch). A split point drill or s-point removes the center of the bit so you start cutting further out on the diameter of the drill making the drill penetrate more easily. Carbide is much harder than high speed steel drills so it will last much longer (also more expensive but worth it).In short a garden variety drill from a hardware store is a poor choice for cutting stainless steel. Ok for aluminum and wood. Pay for the good tools and be happy.dave