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The invention is directed to a waterjet propulsor. The propulsor includes a structure covering an impeller shaft. The implementation of the elongated structure results in reduced drag, increased thrust and increased craft speed. The elongated structure may be a sleeve that is mounted in a free-floating arrangement over the impeller shaft that self-aligns, the sleeve having an airfoil cross section for optimizing the flow of water over the shaft. The elongated structure may also be a fixed housing arrangement that includes an airfoil cross section for optimizing the flow of water over the shaft.