Jotun Marine Coatings is the world's leading provider of marine coatings to shipowners and managers active in the newbuilding and dry-dock / maintenance markets.
Sailing through troubled waters
As the shipping industry continues to experience challenging times, Jotun remains focused on delivering solutions to owners operating in the new market reality.
While Jotun recorded a modest decline in sales in 2016 compared to last year, the company continued to gain market share in the Marine Coatings segment. This growth was mainly driven by strong performance in China and South Korea, where the company performed well, completing newbuilding projects ordered in 2014 and 2015. However, with freight rates near historic lows, newbuilding activity has slowed dramatically, which will impact Jotun’s business in this segment going forward. Jotun is now working to achieve growth in the DryDock and SeaStock concepts.
A changing industry
These uncertain market conditions have resulted in structural changes in the industry, creating fewer, larger players. Jotun is working to secure multi-vessel block tenders, bundling products, services and technical support with companies operating large fleets. And to help owners operate successfully in this new market reality, Jotun offers a number of products and solutions.
In 2016, Jotun secured about 150 Hull Performance Solutions contracts, helping owners reduce fuel costs and corresponding emissions and began pilot testing a new premium sylil methacrylate antifouling. In addition, Jotun welcomed the publication of ISO 19030, a new standard conceived to measure changes in ship-specific hull and propeller performance, which Jotun uses as the basis for the company’s High Performance Guarantee. In the DryDock concept, Jotun is focused on strengthening relationships with existing customers to secure scheduled maintenance contracts.