Boat paint In Not recommended to be kept under the water line for over 2 to 3 weeks max at any one time. Will result in problems you describe. The exception to this is of course bottom paint which is designed to be under the water line. Could this paint be continually receiving a dipping from the bay? Do you have bottom paint? Is the bottom paint high enough up that your awlgrip is not receiving a dipping? These all could be your problem.
FellowShip
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