RedactedNarrative: Occupants of V1 were floating in the cove fishing when the owner noticed V1 taking on water.  The owner/operator started V1 to move it closer to shore when he felt it was extremely heavy in the water. He attempted to ground V1 on the shore when the engines stopped but he was close enough to be able to tie a rope off to a stationary object as the stern submerged flooding V1. Owner stated the engine had been replaced a few weeks earlier and he had removed several gallons of water from the bilge a few days prior to this incident but did not notice any more water in recent days and the bilge pumps had not kicked on. Upon inspection the water jackets in the engine compartment were the issue and allowed water to enter the hull.