The mast probably has a mast plug inside, maybe just below the head, or below the mast hound, and near the base. So water could be trapped between the plugs.
I had a 1981 Hobie 18 with the same problem and I ended up taking both end castings off and using a piece of rebar and solvent to remove the deteriorating plugs and then seal all penetrations in the mast (I used 5200 at the time, probably shouldn't do that).
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Damon Linkous
1992 Hobie 18
Memphis, TN
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