OUR BUSINESS
12
JOTUN MARINE COATINGS
A return to growth
The recovery in the newbuilding market and growing sales in the SeaStock and DryDock concepts
supported strong growth in the Marine Coatings segment.
Results and profitability for the Marine Coatings segment
improved significantly in 2019, primarily driven by a recovery
of the newbuilding market, especially in South Korea, where
Jotun has a strong market presence. In addition, Jotun’s work
to develop products and services to expand market share in the
DryDock and SeaStock concepts was rewarded with strong sales
growth, notably in West Europe and South East Asia.
Partnering with shipyards
Shipyards respond to Jotun’s ability to help accelerate
production and comply with environmental regulations by
offering excellent on-site service quality and product innovation.
For example, Jotun launched a unique, patented solvent free
primer (Jotacote Universal S120) that complies with emerging
limits of solvent emissions in Europe and South Korea. In 2019,
Jotun has supplied Jotacote Universal S120 to the Meyer Werft
shipyard in Papenburg, Germany, and signed a Memorandum
of Understanding (MoU) with Hyundai Heavy Industries in South
Korea. Chokwang Jotun will facilitate a close cooperation to
help the yard manage Hazardous Air Pollutants (HAPs).
To meet growing demand for more predictable, long-term
antifouling performance, Jotun launched SeaForce with
Hydractive™ technology in 2019. Originally launched in
5+5 %
3+47+K 11+7+21+6+Sales in NOK million
7
6
5
4
3
2
1
0
2019 4 291
2013
4 721
2014
6 816
2015
6 097
2016
5 517
2017
5 660
2018
6 880
SCA
3 %
AM
21 %
WE
7 %
EECA
6 %
MEIA
11 %
SEAP
47 %
NEA
Sales
per region
2004, SeaForce biocidal antifouling products enable a more
predictable release of biocides over the lifetime of the coating.
The new range features three core products to meet different
needs: SeaForce Shield, offering effective protection in normal
trades, SeaForce Active, which works to safeguard hulls in more
challenging trades, and SeaForce Active Plus, which delivers
premium protection while still meeting budget requirements.
Onboard maintenance
To support owners and ship managers in the SeaStock concept,
Jotun offers Jotamastic and Hardtop Smartpack solutions (ideal
for brush and roller application) and uses data-centric tools to
optimise onboard maintenance. Jotun’s SeaStock Management
Solutions (SSMS) is a service that utilises digital tools to optimise
port and product mix, allowing owners to outsource seastock
management to Jotun.
In the years ahead, Jotun’s service quality, product portfolio, and
digital tools will be growth drivers. While global newbuilding
activity is expected to decline next year, Jotun’s close
cooperation with owners and key shipyards and continued
development of innovative products and services has placed the
company in a strong position to tender for a number of exciting
fleet expansion projects expected to be announced in 2020.