Global oil and shipping group Monjasa on Wednesday (27 November) welcomed four new banks in 2019 and increases its overall credit facilities by an additional total of USD 160 million in preparation for anticipated growing working capital requirements arising from IMO 2020.
“We are pleased to welcome four dedicated trade finance banks to our existing banking pool, which re-confirms Monjasa as a robust business partner in 2020 and beyond,” says Group Director Legal and Treasury, Rasmus Knudsen.
“Besides securing adequate working capital for developing our global activities, we now also have the right financial flexibility to navigate the volatile oil and shipping markets.”
Monjasa has pursued a financing approach matching regional banking expertise with its existing core markets, it says.
“Working with regionally dedicated trade finance banks, which understand the local business contexts by heart, builds additional confidence with our business partners and manifests Monjasa as a safe port in challenging niche markets around the world,” adds Head of Trade Finance, Roger Dekkers.
In 2018, Monjasa entered into a collaboration with J.P. Morgan Chase in the US and UBAF in the Middle East and Africa. Since then, both facilities have been extended and so has the credit lines with long-standing European banking partner, Sydbank.
Monjasa’s 2018 Annual Report showed consolidated group equity of USD 121 million and a solvency ratio of 29%. This year, Monjasa expects an increasing sales volume and a positive result of the year.
For commercial reasons, Monjasa does not issue further information on banking partners or the total credit facility in place across the group.
Photo credit: Courtesy of Monjasa
Published: 28 November, 2019
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