A protective coating applied to the underwater portion of a marine vessel operable to inhibit the growth of marine foulants. The coating comprises a polymer, a marine biocide, a preservative, an antimicrobial agent, and optionally a coloring agent. In certain embodiments, the marine biocide, preservative, and optional antimicrobial agent are chemically bonded with the polymer thereby significantly reducing the ability of the biocide, preservative, and antimicrobial agent to leach from the coating into the surrounding environment.