I don't know what the best sealant is, but I have used boiled linseed oil before. Some have used that minwax wood hardener, but I think there have been trouble with that but not sure.
No matter what, you have to seal the wood with something, not just primer paint. I take a pipe cleaner and get the oil all the way thru the thru-hole since that part will be the most exposed to seawater.
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