Brandons correct. You have a dripless seal, like mine. You do not have an adjustable packing nut to worry about. Loosen the two hose clamps closest to the v drive (front of boat) and rotate your brass seal to wards the starboard side (driver side) of the boat so that your water supply hose is not kinked. As you do that you need to slide your brass shaft seal down towards the prop, seat it really good. It looks like you can move it about 1 1/2" or more. On the picture in the left, you can see the little notched cut out of the black hose, that is where you need to put the barb with the clear hose water supply on the seal at. This will allow the seal to seat fully and sit flush with the black hose.
Tighten all hose clamps really well (use a socket 5/16" i think?) Then go and check that all 8 engine mount bolts are tight (there are 4 engine mounts, 2 bolts each, they each have nuts that are hard to get to, but make sure everything is tight)