I'm Gonna go out on a limb and say Solenoid on the starter... Very very common when heated up to not turn over on Chev 350's.... ( I know it's a Volvo Penta motor, but its still a 350 GM block, with the VP name on it.... ). SO, Chevy 350's, and also the 454's are notorious for locking up like that- Even after they are new, and used for the first time... Just a heat thing. happended alot to me in racing Dragstrip style, and learned my lesson and switched to HIGH TORQUE mini Starters...
You have power to the Solenoid, its probably just locked up inside of its housing... If you don't wanna replace it, then try Gently tapping on the Solenoid with a hammer, and keep doing that for a bit until the Solenoid activates... If that gets the starter to turn over, then its obvious you will need to replace the Solenoid. Simple task if the starter is easily accessible.
Whatever the case is, Good luck. Just wanted to throw out my 2 cents worth

of my personal experiences.
Bill Monroe Jr.