Been there
I've had mine out several times, so I know what it looks like. AS Jim says, it's held together with 3 bolts. They go down from the top. That bronze fitting ( which is similar to a shaft stuffing box) goes into a rubber hose. That hose goes over a fiberglass tube (which serves also as a bearing) is glassed to the hull.The "stuffing box" has a large O-ring in it, not packing like a prop shaft. It might do some good to tighten the bolts down if they are not all the way down, although it doesn't look to me like it was meant to be adjusted, just run down tight. To replace that ring, assuming you can find one, will require removing the rudder.Another possible problem is that the rubber tube has gotten loose. It has a hose clamp on each end, it could have rusted into pieces.Another possible problem, which I've experienced, is that the quadrant could have dropped down and worked the stuffing box loose. There is nothing to stop it from dropping, and in rough seas, it could come down adn catch it. Or if your rudder is waterlogged and sinks.Yet another thing to worry about is that the fiberglass tube/bearing is loose at it's attachment to the hull.Here is a writeup about that:http://www.geocities.com/rainbow_chaser.geo/rudder.htmlGood luck.