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Benjamin Marauder Shot Loudness

Just a wild guess and the first thing that popped into my mind is that maybe it's missing the breech O-ring. It's pretty common for the O-ring to come out of the groove if it accidentally gets fired with the bolt back. If there is some air blowing back on your face when you fire a shot that's a sure sign. Another thing, since it is used is that maybe the shroud is missing some cones or something like that. The first couple of shots being quieter could be attributed to valve lock (higher air pressure in the air tube hence the hammer and spring combo has a harder time opening the valve. After some of the pressure is depleted from the tube the hammer spring combo can open the valve easier allow more air to flow resulting in a louder shot)
You might look inside the breech and confirm the O-ring is there and maybe check and see if all the baffles (cones) are in place in the end of the shroud.
Just a thought, hope it all works out.
Jimmy 
 
If the noise is coming from the breech, as the gentleman above stated, it is probably a missing breech o ring, or damaged one.

If the noise is from up front by the muzzle, you could have missing or damaged baffles. When I was first shooting my .177 Marauder competitively, I had the shroud on. I've since removed it, due to temperature shifting the barrel around. In tuning it, I ended up with some ultra low velocities, which damaged the baffles, they were all smashed to pieces. The low velocities in tuning, made the pellet drop immediately out of the barrel, smashing the baffles. I replaced them with .22 baffles and cap. Soon after, I removed the shroud for good, due to accuracy concerns.
 
Since you are new to these guns it can be a challenge to confirm the O ring is there or not. As stated above, it is located very close to the beginning of where the bolt slides in so if you imagine that a pellet were in th gun with the bolt back think that O ring would be snugging the area half way down the pellet. You could use a cheap pair of magnifying glasses and bright flash light. The O ring sits in a track, a recessed grove, so if you see the recessed grove, and that area is shinny and you don’t see a thin black O ring there it is missing. Now there are some O rings that are made of a clear material, these are much more rare but make it a little more challenging to see. I have this type in my 25 Cal. 

So look carefully with the light and magnifying glasses. If it is we can talk about how to go about replacing it. 

 
If the o-ring is in the breech, you should have a little resistance when pushing the bolt home, if it just slides in then maybe your o-ring is worn out & needs replacement. Be sure to lube the new o-ring with 100% silicone fluid/grease. I keep mine lubed and still feel a slight resistance when pushing the bolt home which tells me there is a good seal.