Found this on Old Town's site;
How should I store my Old Town canoe or kayak?
: Always store upside-down, even overnight. If at all possible, set on sawhorses or blocks, as this will allow the gunwales to carry the weight.
: Should be stored on their sides or standing on one end, if at all possible. If stored outside we recommend an Old Town kayak cockpit cover to prevent the possibility of water getting inside. Another option is to store the boat upside-down, preferably in slings or on cradle-type saw horses. This will keep the decks from becoming distorted.
If you must store your canoe or kayak outside, we recommend you tie it down, as strong winds can catch the underside, flip it, and cause damage. Also, ultraviolet light from the sun may fade the color over time; if possible, store your boat out of the sun. If stored outside, do not cover with a tarp laid directly on the boat, as the heat of the sun will create an oven under the tarp that can damage, distort or discolor the hull. A tarp properly suspended above the boat will protect it from ultraviolet light. Simply leave sufficient space to allow for air circulation.
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Will salt water damage my Old Town boat?
No, salt water will not damage your canoe or kayak or any of its components with brief exposure. However, if you are using your boat frequently in salt water, it should be rinsed down after every use to avoid discoloration or corrosion of components.