You guys ever see your car exhaust on warm humid day when start it up? No,not really? What about a cold morning or cool morning ? Yep? Why? It's not steam per se and definitely not cooling water getting into the motor. It's chemistry and physics. When the motor takes in air that has moisture in it, water vapor , and compress it and heat it with an explosion inside a combustion chamber the exhaust gas will have a few things in it . It will have carbon monoxide,carbon dioxide, dihydrogen monoxide ( aka water) and other stuff. So, the warm moist exhaust gasses hit the cooler air and condenses rapidly and voila you get white looking exhaust. It's like steaming up your shower. Your skin would fall off if you actually blasted steam water vapor onto it as steam is well over 212 degrees F. That is the phenomenon I am suggesting here. It normally happens when your motor is cold.
Now somebody cleverly pointed out it's not on both engines and I admittedly did catch that. So ,maybe it's not atmospherics here at play. You can eliminate my theory by taking your boat out in the afternoon when it's warmer . If it's still happens then maybe take it to a mechanic for their opinion?