Plot hole: Dafoe and Bullock leave the ship a long time before it hits the tanker and there is a lot more time before it crashes into the town and even more before Alex gets on that speedboat. No matter how fast he could have gone, there is no way he would have caught up with them.

Speed 2: Cruise Control (1997)
Plot summary
Directed by: Jan de Bont
Starring: Willem Dafoe, Sandra Bullock, Jason Patric, Temuera Morrison
Annie broke up with Jack (her boyfriend in the first movie) and is now dating Alex, who lied to her that he is a beach patrol cop when he's really a member of the SWAT team. She discovers the truth wheen she sees him in a high-speed chase with a robber. To make things up he takes her on a cruise to the Caribbean. Mad computer scientist Geiger takes control of the ship using several laptop computers and sets it on a collision course with an oil tanker to get revenge against the cruise line for firing him after he got a terminal illness. Alex and Annie team up with some crew members to foil Geiger's plans.
Eric
Alex Shaw: I gotta get my girl.
Question: After the ship was turned from hitting the oil tanker and then they returned to the bridge, they saw the ship was going to hit land. Why didn't they just go down again and turn the ship out to sea?
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Answer: The ship has no way to stop or steer. By hitting land it would bring the ship to a stop (at a considerable cost) where as if they go out to sea, they would just continue to keep going until out of fuel or hit something they can't avoid and risk everyone drowning. A risk that is not present if they hit land.
Ssiscool ★