Daniel. There are 500`s and 600`s and not all are created equal. The graupner speed 500 motor in nothing special, and there are loads of 600s so it would depend on what you buy. A Graupner speed 600E ECO is not a ferocious motor and I have used them to upgrade a bit from a "normal" cooking 500 and would go ok in your boat.
As you are paying shipping and possibly expensive import tax, a slightly more powerful motor might be a good choice, as it will guarantee a reasonable performance…nothing worse than paying out all that money and being disappointed with a weedy 500.
Another avenue, and this is frowned upon generally as the motors are obviously unknown quantites, is using motors from broken electric drills and so on. These are usually about the 500 size, and you may find one locally that goes ok at a fraction of the cost of importing one??? Screw fixing holes are likely to be about the same so installing and then swapping if reqd would be quite easy. Trying the motor straight across the battery with an ammeter or watt-meter (in the boat, in the water and with a prop on!) would show you instantly whether the motor was just too juicy or worth a try. This option would depend on how expensive it is to ship to Malta.
Also, a brushless motor might be worth considering, Kv matching the sort of revs a 500 would acheive, with the battery you would be using. If reverse is not an issue, aircraft speed controllers are cheap but will need a bit of ventilation through the boat, easy enough to arrange..open hatches/doors and so on. Do you get your aircraft stuff locally or is everything imported?
Just as a suggestion.
Ashley