Likely you have osmotic blisters. The hull material is absorbing water.
http://www.capsante.com/Articles/osmotic.htm
The above link has some good information about the cause and repair.
<<Osmotic Blistering is a condition found in most fiberglass boats. Blistering occurs when water penetrates through the gel coat and mixes with water soluble materials found in the fiberglass layers beneath it. The seawater then becomes a solution that will try to equalize with the seawater outside the boat. As the solution has now grown molecularly, it cannot back out of the passage it entered, it builds up pressure as it tries to escape and then it explodes, resulting in blister domes which appear on the outside of the hull.
The repair procedure is as follows, first a technician removes all of the anti-fouling paint, gel coat and any damaged fiberglass by peeling or grinding the underwater body. The underwater body is then scrubbed with a solution of TSP and water to remove any stray contaminates. Next, the boat is tented off tight around the bottom and a dehumidifier is run in the tent to keep the air as dry as possible. Once the hull bottom has dried to an acceptable level, an epoxy barrier coating system may be applied. The drying process may take from 2 weeks to 12 months.<<
Go to the link for the complete story.