COSCO Shipping International Hong Kong Ltd has renewed its long-standing joint venture agreement with Norway-headquartered Jotun A/S, one of the world's top manufacturers of decorative paints, marine, protective and powder coatings that has operated a base in China since 1983. First signed in 2005, the JV "secures the future of Jotun Cosco Marine Coatings (JCMC), a 50-50 owned entity that holds a clear market leading position as China's number one marine coating supplier" for the shipping industry, a Cosco statement said. The signing of the joint venture took place at a special ceremony held at Cosco Shipping's headquarters in Shanghai. The event was witnessed by Cosco Shipping Group chairman, Xu Lirong, and the Norwegian Minister of Trade, Industry and Fisheries, Torbjorn Roe Isaksen. Jotun CEO Morten Fon said: "The company marries the innovative, high performance coatings technology of Jotun with the infrastructure, industry expertise and valued reputation of Cosco Shipping in this key domestic market. We are proud of what we have achieved together so far and look forward to a continuation of the excellent progress, partnership and market development." Cosco Shipping International executive director Liu Gang added: "Jotun is a quality supplier and a preferred partner to the Cosco Shipping fleet. It is a venture that delivers mutual value, and we believe it can go from strength to strength in the years to come." JCMC employees 700 people and owns a factory in Qingdao, with sales offices in Hong Kong, Guangzhou, Shanghai, Dalian, Qingdao and Fuzhou. A comprehensive network of warehousing and supply points satisfies local demand, with bases in Hong Kong, Guangzhou, Shanghai, Zhangjiagang, Zhoushan, Qingdao, Tianjin, Qinhuangdao and Dalian. Since opening for business in 2005, JCMC has grown its market share from 17 per cent to 36 per cent, with a 50 per cent share in the newbuilding segment.