An 18 AWG cable of that length will have excessive voltage drop under load, there’s likely only a few volts actually making to the thruster, resulting in the much lower current draw and thrust output.
You can use our voltage drop calculator to get a better idea of what is going on and choose an appropriate wire size.
In general, we recommend keeping the ESC within 1-2 m of the thruster, and extending the ESC power lines if necessary. Excessively long thruster wires can interfere with the back EMF sensing of the ESC and proper commutation of the motor.
It sounds like you may be building a competition ROV, perhaps for the MATE competition- we have a guide with some suggestions and general tips for using our component in this application, you may find the section discussing surface power and tether sizes helpful.