Global top 10 marine fuels supplier, Monjasa Holding A/S, has announced its financial and operational results for 2024, marking what the company describes as its third-best year in the history. Despite mounting global challenges in the shipping sector, Monjasa recorded a 4% year-on-year volume increase, delivering a record 6.8 million metric tonnes of marine fuels to shipowners worldwide.
Strong Financial Results in a Challenging Market
In 2024, Monjasa generated total revenues of USD 4.5 billion, a modest rise from USD 4.4 billion in 2023. Net profit declined to USD 65 million from USD 109 million the previous year, yet remained well within company expectations amid global trade uncertainties and a subdued shipping market.
The company credits its ongoing resilience to robust global demand, strategic fleet investments, and strengthened partnerships with leading shipowning companies.
Monjasa Financial Highlights (2024 vs. 2023)
CEO’s Perspective: Steady Hands in Stormy Waters
Monjasa Group CEO, Anders Østergaard, commented on the positive outcome “We are satisfied with the achieved results and to record a 4% volume increase despite the overall global trade slow-down. This shows that Monjasa continues to deliver the right quality and that our personal service is in demand by shipowners. At a time where global trade confrontations and uncertainties are building up, we also take comfort in our stable customer base and diversified business and geographic presence.”
However, Monjasa’s financial performance is only part of the story. In line with its long-term growth strategy, the company has intensified its commitment to Environmental, Social, and Governance (ESG) priorities, reflecting the global shipping industry’s growing focus on sustainability.
Monjasa’s Commitment to Sustainability (ESG)
Monjasa continues to advance its long-term growth strategy with a strong focus on Environmental, Social, and Governance (ESG) initiatives, reflecting the global shipping industry’s increasing emphasis on sustainability.
The company leads in decarbonization efforts by integrating biofuels and LNG bunkering into operations and deploying initiatives like the Green Zeebrugge, the first LNG bunker vessel (LBV) in the Middle East.
Environmental Commitments:
- Targeting 15% reduction in Scope 1 emissions by 2030
- Net-zero operations by 2050 (aligned with IMO GHG strategy)
- Continued deployment of biofuels and LNG bunkering
- Operation of Green Zeebrugge in the Middle East
- Zero significant oil spills in 2024
Social and Governance Initiatives:
- Zero cases of sanctions breaches, bribery, or corruption
- Record-high intake in the Monjasa Oil & Shipping Trainee (MOST) program (13 participants)
- 38.3% female workforce, signaling progress in diversity and inclusion
- Employee engagement score: 8.7/10
Fleet Expansion and Logistics Investment
In 2024, Monjasa expanded its fleet with three new vessels—Monjasa Hunter, Monjasa Rover, and Monjasa Master—bringing the total number of owned and chartered vessels to 33. This enabled the company to conduct 15,870 supply operations, up from 13,962 in 2023, enhancing logistics capabilities across critical global markets.
Global Reach and Operational Volume
Monjasa maintained strong global operations in 2024, supported by fleet growth and increased regional demand:
Global Bunker Fuel Volumes
This global footprint and Monjasa’s operational excellence continue to drive regional growth and reinforce the company’s market position.
Monjasa Strong Financial Position
The company’s consolidated equity also showed improvement, reaching USD 444 million in 2024, up from USD 411 million in 2023. Monjasa’s equity ratio increased to 55.6% (from 51.7% in 2023), reflecting its strong financial position.
Looking Ahead to 2025: Focus on Stability and Resilience
As the global economy faces further volatility in 2025, Monjasa anticipates ongoing challenges in shipping and bunker fuel markets. Nonetheless, its strong financial base and strategic diversification leave the company well-positioned for continued progress.
2025 Outlook:
- Key Focus Areas: Operational efficiency, customer service excellence, and emissions reduction
- Projected Net Result: USD 30–60 million
- Ongoing Investments: Fleet, logistics infrastructure, and ESG innovation
Monjasa’s solid performance in 2024 highlights its ability to adapt to evolving maritime dynamics and deliver consistent value to its global customer base. Continued investment in fleet expansion and strategic partnerships ensures the company remains a leader in the global marine fuel supply market.
Source Monjasa