Jotun Marine Coatings is the market leader in high performance hull coatings for the maritime industry, delivering high quality coatings for seastock, newbuilding, tanks, cargo holds and drydocking projects, as well as for megayachts and leisure yachts.
Weathering the storm
Early in 2020, the coronavirus pandemic lead to low activity at key shipyards and financial stress on shipowners, resulting in declining sales of marine coatings. However, thanks to newbuilding contracts secured in 2018 and 2019, steady growth in the SeaStock market and increased activity in the maintenance (DryDock) market, Jotun was able to regain momentum in the second half of 2020 to finish the year with good results, supported by favourable raw material prices.
Jotun’s ambition is to offer customers solutions that give them a competitive edge. By developing products that help owners and ship managers improve fuel efficiency, extend periods between drydockings, or lower C02 emissions, Jotun supports them achieve their business objectives. Likewise, Jotun works with shipyards and applicators to help them accelerate production and meet increasingly strict regulations on Volatile Organic Compound (VOC) emissions.
2020 saw the launch of several ground-breaking innovations. In March, Jotun introduced Hull Skating Solutions (HSS), the industry’s first proactive hull cleaning system. In addition to receiving positive feedback from shipowners, the solution has attracted significant interest from the global media. Jotun also launched Jotacote Universal S120, the industry’s first solvent-free universal primer. It enables yards to achieve more efficient application and significantly increases the lifecycle of the asset. Finally, Jotun introduced the new and improved SeaForce series of antifoulings to meet demand from those owners concerned about their short-term financial situation.
Rough seas ahead
Looking ahead, a decline in newbuilding orders and rising raw material costs are likely to impact Jotun’s business in the Marine Coatings segment next year. To prepare for a more challenging newbuilding market, Jotun will continue to support customers and shipyards with innovative products and solutions. In the maintenance market, Jotun will continue to develop its business support tools, such as remote performance monitoring (Jotun Voyager) and demand planning (SeaStock Management Solution) to meet the demands of an increasingly data driven industry.