I'd sand and apply some epoxy resin to seal it properly, then paint. I've seen a few starboards now where the grain of the veneer is starting to print through the paint. Not enough epoxy on them IMO.
Moz, That exact same thing happened when I got it so I sanded it back and repainted the bottom. I'd sand it lightly back and repaint with a killrust grey as that will seal the veneer again. No need to use epoxy. Give us a call tomorrow and I'll take you through exactly what to do.
