Monjasa Holding, a premier global trader of marine fuels, announces another year of significant achievements amidst the high volatility prevailing across the global shipping markets. They have not only experienced an increase in total volume but also realized their second-best financial performance ever, resulting in an all-time high consolidated equity of USD 411 million.
In the marine fuels industry and across some of Monjasa’s core markets, this high volatility was felt through the changing maritime trade flows and operations. This was the case in the Americas, where Monjasa successfully navigated the Panama Canal drought issues by providing new refueling solutions to customers affected by the restricted number of transiting vessels. Similarly, towards the end of 2023, Monjasa adapted quickly and succeeded in matching supply and demand in West Africa, where the Red Sea security crisis caused a sudden spike in demand as container lines began rerouting millions of tonnes of cargo south of Africa via Cape of Good Hope.
Supplying a Record Volume of 6.5 Million Tonnes
Monjasa concluded 2023 with a 2% increase in total volume, reaching a record 6.5m metric tonnes (2022: 6.4m mts) of marine fuels supplied to shipowners and operators worldwide. With a net result of USD 109m (2022: USD 171m), the year concluded above expectations, leading to a significantly improved consolidated Group equity of USD 411m (2022: USD 323m).
Monjasa Group CEO, Anders Østergaard Says:
“We have a truly extraordinary organization that thrives on navigating new waters and thinking up unexpected solutions. In combination with strengthening our fleet of owned tankers with four acquisitions, this contributed significantly to our financial performance. In a historically strong tanker market, we gained the advantage of controlling a larger part of our logistics and having this fully integrated into the marine fuels activities.
“At the same time, we have been awarded more long-term contracts involving global fuel supplies to some of the world’s leading shipowners. We are, of course, pleased to see that our services and personal business approach are in demand from this important group of business partners. Altogether, we are very satisfied with this strong set of results, and by more than doubling total equity during the past two years, the future is open for the Monjasa Group.”
Positive Financial Outlook
Today, the Monjasa Group consists of 600+ colleagues located at 14 international offices and at sea. By continuing to attract and retain the right colleagues and further developing its fleet and low-carbon fuel mix, Monjasa expects 2024 to become another positive financial year with a net result in the range of USD 40-80m.
| Monjasa Annual Report Highlights | 2023 | 2022 |
|---|---|---|
| Total Volume (m mts) | 6.5 | 6.4 |
| Total Revenue (USD bn) | 4.4 | 5.5 |
| Net Profit (USD m) | 109 | 171 |
| Consolidated Equity (USD m) | 411 | 323 |
| Equity Ratio (%) | 52 | 46 |
| Fleet Size | 30 vessels | 30 vessels |
| Total Supply Operations | 13,962 | 13,425 |
| Total Ports Served | 806 | 817 |
About Monjasa
Monjasa means personal business in the oil and shipping industries. Our core business includes trading and physical supply of marine fuels, oil terminal operations and ship-owning activities on a global scale. Monjasa was established in Denmark in 2002 and has developed into a global top 10 marine fuels supplier. Today, we employ 600+ Traders and other maritime specialists and total revenue reached USD 5.5bn in 2022 – equivalent to 6.4 million tonnes of marine fuels supplied.
With office locations in Europe, the Americas, the Middle East & Africa and Asia we are present in all major time zones and always within reach. We are servicing industry leading shipping companies locally and globally in more than 800 ports worldwide and our fleet of some 30 tankers and barges has helped us reach prominent positions in remote and hard-to-reach markets in West Africa, Panama, USA, Northwest Europe and in the Middle East.
Source Monjasa