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What you are seeing is weeping rust from water causing theiron and steel to rust. Dissimilar metals rust faster than single metals because of electrochemical reactions, so steel rusts faster than iron, and joints between dissimilar metals rust very quickly. My guess is that you have fastners which is a dissimiliar metal from the coated steel....Once you break the coating sytem or protection as we call it, it is like a disease....Salt water will cause rust faster than potable water because salt water is a better electrical conductor. If you take your davit apart, you will clearly see where the rust is coming from.......