Our Volvo 2003T (2000 hours) has much less power that it used to have.

Starts fine, runs clean but when we hit some classic short Baltic seas last week we could do only about 3 knots into 3 foot waves. We used to do better in other places, and still hit 7 knots in reasonably calm weather, but revs max at 2900 whereas we used to hit 3200 easily in calms.

Milvina weighs 14 tons, so our 43 HP engine is not huge. I think the prop pitch is OK, becasue it is a Max prop VP and we have played with the pitch to get it right in the past. Physically, it is in perfect condition.

Power output seems to have dropped. We could not get above 2800 rpm in the short seas. 3200 is rated max speed.

I have the air cleaner of and can touch the turbocharger with my finger. It turns, but does not spin freely.

Any ideas?

Is it worth taking the turbocharger off to inspect?

Any way to check that it is working?