So many possibilities. Especially after seeing the
photo. First off many diesels will put out a little sheen right after startup. Detroits are bad about smoking a little when first running or after trolling for a while and then pushing down the throttles. smoke then as well but clears up pretty quickly. Looking at the photo it appears to me that there are a number of
maintenance issue that may be a factor. All that rust around the heat exchanger makes me wonder what color the
cooling fluid is. Does it look like the same color of the anti-freeze fluid that goes in the heat exchanger when it is renewed? Should. If it is clear then I would seriously wonder about your having a leak and that the water in the exchanger is
salt water. Not good. When was last time the heat exchanger was removed and "boiled out", new water and antifreeze put in. Does it require zincs to be changed every 6 months or so? If so when were they last changed? If it has been a while I would have it pressure tested. Also how old are the exhaust riser elbows? Normally about 5 years is tops for
salt water cooled elbows if they are cast iron type. Next how many hours or years since the engine had a tune up? That is injectors taken out, sent to injector shop and cleaned/serviced. Then put back in and the valve and injector timing rest.
If you don't know when or if never done since you owned the
boat then all of this is part of what needs to be checked out.
As others have said like worst case scenarios such as cracked or warped head or block, head
gasket, but start with the most common simplest and cheapest solutions first and
rule them out. Likely dirty or clogged injectors.