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Maybe just how condensation finds gravity. Is boat saltwater used? Regardless, sea spray may find its ways into engine compartment and then gravity does the rest.
I use it in salt and fresh water (mouth of river area). It's rust. I just realized there's a good chance it's water that dripped in from the engine cover/ sun deck when my boys and their friends kept climbing out of the water and onto the back of the boat dripping wet!