The two records were in the Endurance Group B class S1 and S2 categories, dedicated to Gran Turismo boats with a minimum weight (including driver and fuel) of 1100 kg and 1450 kg (with ballast) with an average speed of 123.288kmh and 122.035kmh for the flying kilometre.
Both the boat and engine derive from serial production, with the engine slightly altered for on-water use from its normal place in the Ferrari F430.
This is not the first time that shipmasters have used engines from Ferrari for competitions and high performances. As early as 1953 a boat was fitted with an engine from Ferrari 375 F1. The new record-setting boat is part of the celebrations for the 60th anniversary of Ferrari.
"I dedicate this record to Luca di Montezemolo, on the occasion of the 60th anniversary of Ferrari," said Molinari after his record.
The Ferrari V8 is mid-mounted in both car and boat, with the 4.3lt V8 producing 490hp at 8500rpm to offer remarkable performance on water and road.
During the last half century, Molinari set numerous world records and won many races, including the Pavia-Venezia race - the longest race on water in the world - eight times.
Molinari also set the average speed record of 188kmh at the "Giro del Lario" race, for which he was awarded the title "Fastest man on earth on navigable waters".