Abstract: The invention relates to an exhaust system for watercraft, having an exhaust pipe which leads from an engine system to an exhaust gas outlet, wherein a through-flow means for degrading the energy of seawater gushing through the exhaust gas outlet into said exhaust pipe is provided in the section of said exhaust pipe preceding the exhaust gas outlet, and that at least one settling basin is provided in the area of said means for degrading the energy of seawater, or upstream thereof in the direction of exhaust gas flow, and a drainage conduit leads from the deepest point of the settling basin into the surroundings of the vessel.