RedactedNarrative: ON 7-27-14 V1 WAS TRAVELING SOUTHWEST OUT OF THE ANCLOTE RIVER WHEN THE OPERATOR OBSERVED THAT THE VESSEL WAS LOSING POWER. HE PUT THE BOAT IN NEUTRAL AT WHICH TIME SMOKE BILLOWED OUT OF THE ENGINE COMPARTMENT AND HE SAID HE COULD HEAR A CRACKLING NOISE FROM WITHIN THE ENGINE COMPARTMENT. ALL OCCUPANTS FROM V1 DONNED PFD'S AND JUMPED INTO THE WATER. A GOOD SAMARITAN BOAT WAS TRAVELING IN THE AREA AND STOPPED TO BRING ALL OCCUPANTS FROM V1. TOWBOAT U.S. LATER RESPONDED AND TOWED V1 BACK TO PORT. Engine charging system malfunctioned,  melted wiring on engine and inside the compartment.