Transmission Fluid has Water in it - Thoughts?

I took my boat out today for the first run of the year. After unloading and riding around a little bit (lessthan 10 minutes) ) I kept stopping to check the fuel,line connections I just replaced. I decided to check the transmission fluid as there was an unusual sound coming from that area. The fluid had water in it. I road around for about 1 hour (and I did not hear the sound again) and the transmission fluid level did not change, there was no transmission fluid in the bilge and the boat worked fine. When I got home I removed the fluid . . The transmission was rebuilt about 18 months ago by Eric's old shop in Ohio.

I am guessing one of my seals is leaking - your thoughts, suggestions or tests would be appreciated.

Thanks
Tom

Dang - I just replaced the cooler 2 years ago. And the bilge had very little water in it.

TRBenj wrote: Any chance it didn't get drained during winterization?

My first thought as well. The trans cooler being thin walled copper, it doesn't take much to freeze it. I suggest pulling it and do a pressure test on it.

My Trans fluid looked just like that on my first trip last year. I was already to buy a new cooler, but someone suggested doing a few fluid changes before placing the order. Wouldn't you guess it cleared up. Now I'm not saying you'll be as lucky, but some condensation can cause a milk shake and it takes more then 1 change to get all the water out.

Good luck

I replaced the cooler and flushed it three times as recommended by Fantasic Finishes and others. I took it out yesterday and it ran great and no water in the fluid.

Thanks for the good advice
Tom