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.
BEYOND COATINGS
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.
Our business / Jotun Marine Coatings
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.
Weathering the storm
By offering solutions that extend periods between
drydockings, improve fuel efficiency and lower
C02 emissions, Jotun helps customers gain a
competitive advantage.
Despite challenging conditions in some markets, Jotun performed well in 2020,
retaining its world-leading market position in marine coatings.
Jotun Group Report 2020 I 13