A buoyant component separator is disclosed for removing at least some floating contaminants from fluids. The component separator may be used with a marine engine exhaust system to reduce particulate matter and unburned fuel contained in liquid coolant before it is jettisoned overboard and pollutes the surrounding body of water. In one embodiment, the separator includes a first part for receiving a mixture of liquid and buoyant components and a second part joined by a communication passage, where the liquid flows through the communication passage to the second part and the buoyant components substantially accumulate in the first part. A method of separating a liquid from buoyant components is also provided.