Southern Air Charter Flight 204 departed Arthur’s Town Airport on Cat Island, Bahamas and the airplane climbed to 8500 feet. During cruise flight approximately 28 miles from the destination airport, the right engine lost 60 percent power. The engine remained in that state for approximately 3-5 minutes, then the fuel pressure annunciation light illuminated. The right standby fuel pump was activated, the flight continued, and when the flight was approximately 18-19 miles from the destination airport while flying at 5,500 feet, the right engine quit. The right propeller was feathered and the engine was shut down, and air traffic control cleared the flight for a straight in approach to runway 27 at the destination airport. The flight continued and while flying between 3,000 and 3,500 feet, the left engine began similar indications; however, the left engine power decreased to between 30 and 40 percent. Unable to land at the destination airport, the airplane was ditched 80 yards off the southern shoreline of New Providence Island and all occupants evacuated the airplane. Investigation revealed that the right engine stopped from fuel exhaustion. The final report did not contain a Probable Cause-statement as mentioned in ICAO Annex 13.