Yup, that is correct. You will get some dripping but not a gusher. Lots of people replace packing in the water just be efficient and have everything ready to go. Have the packing cut to length. I have a short section of PVC pipe that I cut into 2 pieces length wise to push the new packing into the log. Get a piece that has the same ID as the shaft. You may need a packing removal tool, looks like a corkscrew. I like Duramax packing but that is personal preference. On our last boat that was what the yard put in and it was adjusted to no drips. They have a breakin period and you adjust it after the packing is broken in. Good luck!