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+1 on the thermostat.
Your Volvo Penta uses an open system which draws water out of whatever you're sitting in to cool the engine, with an automotive-style thermostat to control the flow and maintain a (fairly) consistent water temperature. However, unlike an automobile with a closed system that uses a mixture of coolant containing rust-inhibitors, there's no such protection for the thermostat on your boat. After 20 years, if you've never replaced the thermostat, I'd bet money that it's stuck. Just be glad it's stuck open and not closed.
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