10-4 Davie,
That's what I think also.
Make sure your breather tube turns down below the case fitting as quickly as possible w/o kinking it.
The case gets hot, and evaporates the water off.
The water hits the cool hose material just above the fitting, and condenses, then runs straight back down into your motor.
Shut down and store it, then the cycle can be repeated depending on how hard you run it. Your breather tube can turn your motor into a water making machine.
Turn your hose down, so the condensed moisture will run away from the fitting.
Better yet, put 3/4" clear tygon tube on your breather fitting. You will then be able to see all this happen.
If you store your boat, and fire it up to just run it in the yard, make sure and get it good and hot. You gotta steam it all out.
If you just got the motor, this could be the result of how it was rigged before, or how the prior owner operated it.
This seems trivial, but depending on how hard you run it, it can turn into a lot of water over time.