July 5, 2005

First newbuilding contract for International Paint Japan

International Paint Japan (IPJ) has been awarded its first newbuilding contract. It is for the supply of coatings for two 75,500 cbm Medmax LNG ships.

The ships, to be built at Universal Shipbuilding Corporation's Tsu works , are scheduled for delivery in 2007 and 2009. Each will be protected with over 150,000 liters of high performance International Marine Coatings products, including Intershield 300 in the ballast tanks and Intersmooth 465 SPC on the underwater hull.

Intershield 300 is a light colored, abrasion resistant, aluminum pure epoxy coating with excellent long term anticorrosion protection. Used as a universal primer at Newbuilding or Maintenance and Repair, the product has a hugely successful track record on over 3000 ships. Intersmooth 465 SPC is a high performance, TBT free, self polishing copolymer (SPC) antifouling system with patented Copper Acrylate technology. The product is specifically designed for use at newbuilding.

Especially designed and optimized to trade in the Mediterranean Sea, the two ships will have the largest cargo loading capacity of any vessels of this type. Both will be operated under joint collaboration between the Hyproc Shipping Company (wholly owned by Sonatrach, the Algerian state-owned hydrocarbon company) and MOL (Mitsui O.S.K. Lines).

This arrangement is part of a joint venture between Sonatrach, the Hyproc Shipping Company, the ITOCHU Corporation (a globally integrated Japanese corporation covering a broad spectrum of industries), and MOL to build new LNG carriers and charter them to Sonatrach on long term contract.

Commenting on the coatings contract, Denis Thiard, Marine Key Account Manager for International Paint (France) said, "We have had good working relations with the Hyproc Shipping Company for many years. International Paint supplied products for their fleet maintenance contract three years ago and when they commissioned these new vessels in Japan they wanted to use our products again". A key element of securing this project was International Paint's global network, especially important as the vessels will be deployed and maintained in a different part of the world to where they will be built. "With Hyproc committed to using International Paint, we then had to convince Universal Shipbuilding to be the first shipyard in Japan to use the newly formed IPJ."

A Universal Shipbuilding spokesman, Mr Satoru Shioda, Naval Architect Ship Planning Section, said, "This is IPJ's first opportunity to supply a newbuilding project in Japan and we are looking forward to them providing the highest quality service and support to ensure that this project is a complete success."

"This contract is great news and a great opportunity for IPJ", said Tony Britt, International Paint's General Manager for Japan, Australasia and Korea. "IPJ is now able to simultaneously prove its supply and service capabilities to a major Japanese newbuilding shipyard and a major Japanese shipowner. We can use this success to help build relations with other Japanese shipyards and owners and further fine tune our business practice."

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