I have a H340. If/when I have that much steam out of my exhaust, my engine is running hotter than it should - usually from some sea grass. Before you start ripping everything apart, I would look at your sea water strainer and associated hoses for an air leak, collapsing hose or debris. It does not take much to raise the temp enough to make some steam but not set off the over temp alarm. Second, I would look for some restriction in the heat exchanger by first pulling off the inlet hose and then maybe the front cover. Next, check in the outlet hose and inside the nipple to see if there is any restriction to the flow.