RedactedNarrative: Operator of a 42' cabin motorboat was underway during maiden voyage after winter storage when he heard metal breaking and lost steering and power. Prior to launching,  boat's port side POD had had been replaced by an authorized repair shop. Operator called "May Day" and occupants were rescued by a nearby boater. Boat sank prior to Coast Guard arrival at scene. The operator said the 6 inch exhaust hose came off cause flooding to boat. PFD's were used. No injuries. Vessel was a total loss.