Shaft Corrosion ....................
....... this is most likely simple atmospheric corrosion (with a lot of salt water flying around) and is doubtful that it is electolytic as would be found underwater. The corrosion products on the shaft should be either red or orange.I have kept this under control by coating the shaft in this area with the heaviest tacky grease I can find. Not a permanent cure and needs periodic regreasing.Hope this helps.Regards,s/v Island Hunter