Jotun Reports Earnings Increase
In the first eight months of 2013, the Jotun Group reported sales of paint and powder coatings of NOK 8 174 million. This is an increase from NOK 7 686 million in the same period last year. The increase of 6% is in particular driven by larger sales in Middle East and Central Asia. The Group’s operating profit for the period from January to the end of August was NOK 1 050 million, an increase of 18% compared to last year. Sales within the Marine segment are declining as a result of the contraction in the newbuilding market. The market is not expected to pick up in the short-term. Jotun’s total investments were NOK 489 million for the year’s first eight months. Jotun’s equity ratio was 52% at the end of August 2013. The company has sufficient liquidity and little net interest bearing debt.
King and Queen Open Vietnamese Factory
King Harald cut the ribbon at the opening of the factory together with chair of the Board Odd Gleditsch dy and general manager of Jotun Vietnam Martin Chew. King Harald and Queen Sonja played a central role in the opening of Jotun's expanded production facility in Vietnam on Friday November 5th. King Harald cut the ribbon at the opening of the factory and Queen Sonja pressed the button initiating production. The new facility thereby received a regal start and the first tin of paint was aptly labelled Majestic, Jotun's most popular indoor paints in the East.
Jotun, DNV GL: Making Coatings Digital
Seeking to optimize the delivery of its maritime coatings at port, Jotun said it is using DNV GL’s Veracity platform combining external and proprietary data to create an ecosystem where users can safely share data and link it to other quality assured datasets. In this case Jotun is using the Estimated Time of Arrival (ETA) dataset to ensure it has the right amount of product in the right place. “Veracity is making paint digital. Jotun have recognized that even products that seem…
Jotun Sets Sales Record in '07
Jotun reported that high levels of activity worldwide in shipbuilding, oil and gas projects and a highly active construction industry in the Middle East made 2007 the company’s best year ever. In 2007, the Jotun Group had an operating income of more than $1.7b, which is $211m higher than for 2006. before tax was $151.4m. "Last year was an absolute high point for Jotun. We are extremely pleased to deliver the best sales and profits in Jotun's history. negative affect on sales and profits," said Morten Fon, president and CEO. In Scandinavia, sales volume increased in 2007, but an increasing number of own-brands in the market and a change in distribution structure in the trade have pressed margins.
Jotun Offers New Ship Performance Solution
Jotun Hull Performance Solutions (HPS) has launched the HPS Newbuilding Solution at Kormarine in Busan, South Korea. The HPS Newbuilding solution is aimed at yards delivering vessels with eco-design and who want to maximize the energy efficiency at both speed trial and in operation. “With HPS Newbuilding Solution Jotun enables yards to become more competitive when bidding for eco-ship projects. The solution provides an opportunity to both optimize initial performance as well as lifetime performance. The solution thereby serves the long term interests of the designers, yards, owners, operators and the environment,” says Mr Geir Boe, Vice President Jotun Marine Coatings.
Jotun Reports Good Financial Results
The Jotun group generated sales of NOK 4,260 million in the first eight months of 2004, up NOK 496 million on the same period last year. The group recorded profit on ordinary activities before taxation of NOK 468 million, against NOK 379 million in 2003. "We're very pleased with our results so far this year, in terms of both sales and earnings," says CEO Knut Almestrand, adding that good progress was made in most business areas, the exception being marine coatings, which is continuing to battle with weak earnings. Each year Jotun invests substantial amounts in existing and new markets and in the development of new products. A further NOK 150 million was invested in fixed assets during the first eight months of this year.
One Step Closer to Hull and Propeller Measurement Standards
Jotun released a statement welcoming action taken by the International Standards Organization to mobilize an expert group to start work on a common industry standard for measurement of changes in hull and propeller performance. Jotun, in cooperation with the Bellona Foundation (Bellona) and Standard Norway, has been successful in mobilizing shipping industry stakeholders in an effort to reach general agreement on a method for measuring changes in hull and propeller performance, the company said. By improving hull and propeller performance, the world fleet can reduce fuel cost by as much as $30 billion per year and achieve an estimated 0.3% reduction in manmade GHG emissions.
10,000TH SeaQuantum applications Celebrated
In July, Jotun and Dalian Ocean Shipping Company (a wholly-owned subsidiary of China Ocean Shipping Company, Cosco Group), celebrated the 10,000th application of SeaQuantum, Jotun’s premium antifouling, to their 297,336-dwt tanker, Cosrich Lake. According to Mr. Zhao Jinwen, Vice Managing Director COSCO DALIAN, SeaQuantum plays an important role in the company’s efforts to improve fuel efficiency and reduce emissions. “We are very pleased to receive the 10,000th application of SeaQuantum,” he said.
EURONAV Selects Jotun’s HPS for Two Suezmax Vessels
EURONAV has selected Jotun’s Hull Performance Solutions (HPS) for two of its Suezmax vessels. The agreement will see Samsung-built sister ships M/T Cap Guillaume and M/T Cap Philippe receive coatings of Jotun’s advanced SeaQuantum X200 antifouling, alongside full suites of measurement sensors applied to their hulls. The applications, taking place at upcoming dry dockings at Keppel Shipyard in Singapore, will increase vessel efficiency, cut fuel costs and reduce CO2 emissions substantially compared to standard market alternatives.
COSCO Europe Reduces Fuel Costs, Emissions with Selected HPS from Jotun
In the four years since its coating with Jotun’s Hull Performance Solutions (HPS) system, COSCO Europe has reached new heights of efficiency, cost control and environmental performance. Figures released by Jotun show that the 2008-built, 10,062 TEU container ship has sliced fuel costs by $4.5million and reduced CO2 emissions by some 29,500 tonnes (against market average figures), giving it market leading hull performance. HPS combines Jotun’s advanced SeaQuantum X200 antifouling, enhanced technical service, performance analysis according to ISO 19030 and a high performance guarantee.
Good start for Jotun in 2004
more than for the same period in 2003. last year. more closely reflected the group's growth. Profit in 2003 was one of the biggest in Jotun's history. materials and reduced margins. total can be maintained at a satisfactory level and similar to last year. Middle East and South-East Asia. companies were higher than the previous year. in the Middle East. systems for mixing colors in stores. this area. year. influence on the division's profit. time and will not give rapid financial results. Norway. In Europe activity varied. in the USA sales increased.
Jotun to Offer Antifouling Coatings Guarantee
2011-05-02 – PRESS RELEASE: Jotun’s Hull Performance Solutions offers shipowners and managers who purchase Jotun’s silyl methacrylate SeaQuantum X200 a money back guarantee if the antifouling coating fails to deliver less than 1.5 per cent speed loss or a maximum 4.5 per cent increase in fuel consumption over a 60 months dry-docking interval. The Jotun Hull Performance Solutions guarantee is calculated on a transparent measurement and analysis tool. The measurement tool combines information from torsion meters…
Jotun, COSCO Celebrate 10,000th Antifouling Applications
In July, Jotun and Dalian Ocean Shipping Company (a wholly-owned subsidiary of China Ocean Shipping Company, Cosco Group), celebrated the 10,000th application of SeaQuantum, Jotun’s premium antifouling, to its 297,336-dwt tanker, Cosrich Lake. According to Zhao Jinwen, Vice Managing Director COSCO DALIAN, SeaQuantum plays an important role in the company’s efforts to improve fuel efficiency and reduce emissions. “COSCO DALIAN is committed to building the largest, specialized and most fuel-efficient fleet of bulk liquid carriers in China…
MSC Reports Better Fuel Efficiency with Jotun's HPS
Jotun Marine Coatings said Mediterranean Shipping Company (MSC) will apply Jotun’s Hull Performance Solutions (HPS) on a number of new and existing vessels. With almost 500 vessels, MSC has one of the world’s largest containership fleets. To help the company reduce bunkering fuel costs and associated CO2 emissions, MSC undertook a program to improve fuel efficiency in 2011. During this period, they worked in close cooperation with Jotun to evaluate hull performance and launch a pilot program to test the impact of antifouling on speed loss.
Saving with Jotun’s Hull Performance Solutions Guaranteed
Jotun has analysed the first ever five year dry-docking of a vessel treated with its Hull Performance Solutions (HPS) system. The data revealed that Gearbulk’s Penguin Arrow, coated with Jotun’s SeaQuantum X200 in September 2010, recorded a staggering estimated fuel saving and CO2 emission reduction of USD 1.5million and 12,055 tonnes respectively, across the 60-month period. Jotun’s proprietary HPS offer combines the application of an advanced antifouling coating, a specialised application procedure, a full suite of sensors that record hull performance and a high performance guarantee.
Jotun’s HPS Delivers Fuel, Emission Savings
Jotun has analyzed the first ever five year dry-docking of a vessel treated with its Hull Performance Solutions (HPS) system. The data revealed that Gearbulk’s Penguin Arrow, coated with Jotun’s SeaQuantum X200 in September 2010, recorded a staggering estimated fuel saving and CO2 emission reduction of $1.5 million and 12,055 metric tons respectively, across the 60-month period. Jotun’s proprietary HPS offer combines the application of an advanced antifouling coating, a specialized application procedure, a full suite of sensors that record hull performance and a high performance guarantee.
Jotun Changes Over to TBT Free Antifoulings
Jotun Paints confirmed the October 10, 2001 announcement on phasing out of antifouling paints containing organotin compounds. The move comes in preparation for the IMO’s ban on the application of paints containing organotin biocides, which will go into effect January 1, 2003. From that date, the complete Jotun Paints antifouling range will comply with IMO’s requirements. According to Jotun, their antifouling technology will maintain performance equal to existing TBT products and will continue to meet expectations. Jotun Paints is gearing manufacture and supply of antifouling paints over the rest of this year to make the transition to the TBT free era as smooth and hassle free as possible, while avoiding the problem of surplus TBT products in 2003.
Jotun Announces Strong Results
The Jotun group has four profitable months behind it and concludes the period with higher turnover, higher volumes and higher profits than for the same period in 2005. "It is pleasing to see turnover continue to increase in 2006 as well, and the profit for the first four months bodes well for the rest of the year," said Morten Fon, President and CEO of the Jotun group. The positive developments from 2005 have continued in 2006, and during the first four months of the year Jotun had sales and operating income of NOK 2.4 billion, NOK 333 million higher than for the same period in 2005. The group's ordinary profit before tax was NOK 220 million, compared with NOK 163 million in 2005.
Jotun Reports Record Results
Jotun reported an operating profit of NOK 1.1 billion in 2009 as compared with NOK 0.9 billion for the previous year. Operating income increased from NOK 10.4 to NOK 11.2 billion. In litres and kilos, Jotun sold two per cent more paint than it did in 2008. There were large variations between the markets and geographically. Key markets such as China, South Korea and the Middle East reported strong figures. Europe performed poorly, and the Norwegian market, for example, was weaker than in many years. The group’s results were the best ever. “We are satisfied with the results, which have exceeded our expectations. Jotun has positioned itself in many growth markets, and we have captured market shares in key areas.
Jotun Introduces the World’s First Resilient Antifouling
Jotun has announced the launch of SeaLion Resilient, a high performance marine coating based on epoxy-polysiloxane technology. Following extensive research and testing, Jotun has introduced the industry’s first anti-fouling coating that includes epoxy-polysiloxane, a compound of resins and hardeners that provides highly resilient hull protection. When combined with Jotun’s proven Fouling Release Coatings (FRC) technology, the epoxy-polysiloxane in SeaLion Resilient prevents settling of organisms on the hull and produces a glossy, smooth surface optimised for owners seeking to reduce costs related to dry-docking and maintenance. SeaLion Resilient has been specifically formulated for owners and managers seeking improved maintenance and docking efficiency.
Milestone for Jotun’s Hull Performance Solutions (HPS)
Jotun COSCO Marine Coatings (Qingdao) Co Ltd has announced that the company has reached an important agreement with COSCO Container to help reduce fuel costs and carbon emissions. Under the terms of the agreement, Jotun will supply its top of the range Hull Performance Solution, including SeaQuantum X200 antifouling paint and a High Performance Guarantee, to a number of vessels scheduled for drydock in 2012 and 2013. The first vessel to be upgraded will be the 10 000 TEU COSCO Europe scheduled for dry docking September 2012. According to COSCO Container’s Deputy Managing Director, Mr Hou Liping, the agreement is consistent with COSCO Container’s comprehensive commitment to Sustainable Development, part of which involves taking active steps to reduce Green House Gas emissions.
Jotun Passes IMO PSPC for COT Tests
Jotun reports that it successfully completed testing of coating systems consistent with the new IMO PSPC rules for cargo oil tanks (COT), scheduled to come into force next year. The new IMO PSPC rules for cargo oil tanks (COT) will go into effect January 2013. Focused on maintaining the long-term integrity of tanks, the new standard requires that all coatings used in the tanks must provide long-term protection against the corrosive effects of crude oil. Jotun has successfully completed testing for coating systems at one of the IMO-approved test institutes (COT in the Netherlands)…
Eitzen Chemical Implement Jotun HPS
Eitzen Chemical A/S has decided to implement Jotun's Hull Performance Solutions (HPS) on two of their largest chemical carriers. The first vessel, Siteam Discoverer, applied SeaQuantum X200 to the hull at the COSCO Dalian Shipyard in China in May, while the next vessel will dock in October later this year. "Through several years of measuring our vessel's performance, we recognize that the correct choice of antifouling is one of the low hanging fruits when it comes to increasing our vessel's energy efficiency", said Rasmus Kjaer, General Manager Technical for Siteam Discoverer at Eitzen Chemical. "Eitzen Chemical is aware of its environmental…