COSCO SHIPPING International Hong Kong and marine coatings supplier Jotun have reinforced their commitment to one another with the renewal of their long-standing joint venture (JV) agreement.
The JV, first signed in 2005, secures the future of Jotun COSCO Marine Coatings (JCMC), a 50-50 owned entity. Since opening for business, JCMC has grown market share from 17 per cent to 36 per cent, with a 50 per cent share in the newbuilding segment.
COSCO SHIPPING international executive director and JCMC chairman, Mr Liu Gang stated: “We are happy to continue this solid, productive and valued partnership into the future. Jotun is a quality supplier and a preferred partner to the COSCO SHIPPING fleet. It is a venture that delivers mutual value, and we believe it can go from strength to strength in the years to come.”
“Jotun COSCO Marine Coatings has established a clear market leading position in the provision of high-quality products to the shipping industry in China,” said Morten Fon, CEO, Jotun. “The company marries the innovative, high performance coatings technology of Jotun with the infrastructure, industry expertise and valued reputation of COSCO SHIPPING in this key domestic market. We are proud of what we have achieved together so far and look forward to a continuation of the excellent progress, partnership and market development.”
The signing of the joint venture took place at a special ceremony held at COSCO SHIPPING’s headquarters in Shanghai. A high profile gathering of business and political leaders witnessed the signing, including Mr. Xu Lirong, Chairman of COSCO SHIPPING Group, Mr. Torbjorn Roe Isaksen, the Norwegian Minister of Trade, Industry and Fisheries, the top management teams from COSCO SHIPPING Group and Jotun, and further attendees from the Norwegian government and embassy.