RedactedNarrative: Vessel was underway from Northport Bay southbound.  Approximately 2 miles out from the departure point operator began to accelerate.  While doing so he smelled smoke.  Operator shutdown the engines and checked the engine compartment and found smoke exiting.  Operator immediately closed the engine compartment door.  Operator contacted the USCG, and the engine compartment fire suppressant was activated.  No injuries were reported.