4108 down on power

When I had similar symptoms with my 4-108, it was a badly blown head gasket. I've also had a collapsed exhaust as described by Johnlilley above. This prevented the engine reaching full power but did not affect starting.
 
Thanks to every one.

Took the head off and it seems that is significant valve damage - perhaps caused by salt water getting in before I changed the exhause elbow.

Stephen
 
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