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Fresh water can also cause tools to rust. I store my on board tool set in a gasketed plastic container with a snap over center latch. Annually I remove the tools and clean, inspect and apply a light coat of fresh oil to them. I then wrap them in a microfiber towel that I spray with a little silicon before returning them to the container. I believe the container may be made by Plano(?).

For what it's worth I have never used the tools since I began using modern outboard power and electronics. However, they are on board if I ever need them.