Leaking saltwater

[Moorecat]

Hi, I’m new, I have a relatively slow saltwater leak as per photo. Drip coming from the engine end of the middle of the exhaust y pipe. Small volume of water pooled below prop shaft as per photo but very hard to see exact source. I know steering pin leaks common but that looks ok superficially. So that leaves exhaust pipe leak or leak from the prop shaft? I’m hoping the engine doesn’t need to be pulled out to be fixed. Any help much appreciated.